Business
Plaza Centers Completes Sale of Prague 3
Plaza Centers Completes Sale of Prague 3.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 6313J Plaza Centers N.V. 18 July 2013 \n \n\n18 July 2013 \nPlaza Centers N.V.\n \nPLAZA CENTERS COMPLETES SALE OF PRAGUE 3\n \nPlaza Centers N.V. (\"Plaza\" or the \"Company\"), a leading emerging markets property developer, announces it has successfully completed the sale of 100% of its interest in a vehicle which holds the interest in the Prague 3 project (\"Prague 3\"), a logistics and commercial centre in the third district of Prague. Earlier this year, Plaza completed its successful application to change the zoning use of Prague 3 to a residential scheme. The transaction values the asset at circa €11 million and, as a result, further to related bank financing and other balance sheet adjustments, Plaza has received cash proceeds of net circa €7.5 million. \n \nRan Shtarkman, President and CEO of Plaza Centers N.V., said: \n\"Less than two months after our first exit in India, we are pleased to announce the sale of our holding in Prague 3 in the Czech Republic. The sale is in line with our strategy and disposal programme of deleveraging and reallocating realised capital from stabilised completed projects and non-core assets to the core yielding assets across our portfolio.\"\n \n\"Whilst we will continue to progress our realisation programme, we remain committed to creating additional capital value and income growth by focussing on our asset management initiatives at our other assets both in CEE and India.\" \n \nFor further details, please contact:\n \nPlaza\nRan Shtarkman, President and CEO +36 1 462 7221\nRoy Linden, CFO +36 1 462 7222\n \nFTI Consulting\nStephanie Highett / Nina Legge &...