Business
PLAZA COMPLETES REFINANCING LOAN FOR RIGA PLAZA
PLAZA COMPLETES REFINANCING LOAN FOR RIGA PLAZA.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 6159S Plaza Centers N.V. 08 November 2013 \n \n\n \n8 November 2013 \n \nPLAZA CENTERS N.V.\n \nPLAZA COMPLETES REFINANCING LOAN OF €59.3 MILLION FOR RIGA PLAZA\n \nPlaza Centers N.V. (\"Plaza\" or the \"Company\"), a leading emerging markets property developer, today announces that its Latvian 50% subsidiary has signed a new €59.3 million investment loan with a consortium comprising two banks for its shopping and entertainment centre in Riga, Latvia. The new facility has a duration of four years and therefore substantially lengthens the duration of the debt compared to the previous loan facility, which was due for repayment on 30 June 2014. \n \nLocated in Riga, Latvia, the Riga Plaza shopping and entertainment centre was opened to the public in March 2009 and is now established as a dominant retail destination in the Latvian capital. With a gross lettable area (\"GLA\") of 50,000 sqm, the scheme is Plaza's largest current active shopping centre asset and is circa 96% let to major local and international tenants including H&M, Peek & Cloppenburg, Zara, Bershka, Apranga, Mango, Reserved, Douglas, Multikino, Fantasy Park, Prisma Hypermarket and many more. \n \nThe successful refinancing of the loan secured against Riga Plaza is a strong endorsement of the excellent performance of the shopping centre as a result of our asset management initiatives. As reported in August, Riga Plaza has experienced impressive growth with a total increase of 20% in turnover during the second quarter of 2013 and a 17% increase in turnover in the third quarter of 2013 (both compared to the same period last year) and a constant increase in footfall. Against a backdrop of a solid improvement in Latvia's economy (Latvia was the EU's fastest growing economy in 2012) we expect this trend at Riga Plaza to continue.\n \nFor further information, please contact:\nPlaza\nRan Shtarkman, President and CEO +36 1 462 7221\nRoy Linden, CFO &nb...