Business
Re: Handover of Centres
Re: Handover of Centres.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n Plaza Centers N.V.\n08 May 2007\n\n8 May 2007\n\n\n\n PLAZA CENTERS COMPLETES SUCCESSFUL HANDOVER OF\n\n RYBNIK AND SOSNOWIEC SHOPPING CENTRES\n\n TO KLEPIERRE\n\n\nPlaza Centers N.V. ('Plaza' or the 'Company'), a leading Central and Eastern\nEuropean ('CEE') emerging markets property developer, announced today that it\nhas formally completed the successful handover of the Rybnik Plaza and Sosnowiec\nPlaza Shopping and Entertainment centres in Poland to Klepierre SA ('Klepierre\n'), a leading French property group.\n\n\nBoth shopping malls, which were 100% let to international and local tenants on\ntheir opening to the public in March 2007, were pre-sold to Klepierre in July\n2005.\n\n\nOwing to the successful letting campaign and the strong market conditions\nexperienced in Poland since the pre-sale agreements were signed, the actual\nclosing consideration, subject to the fulfilment of certain conditions, resulted\nin a higher sum being paid to the Company than disclosed in the Company's\nAdmission Document at the time of its IPO in November 2006. The combined market\nvalue of the properties now totals €90.1 million, an increase of €18.6 million.\n\n\nThe gains from selling these assets will be included in the Company's\nforthcoming interim accounts which will also report an updated Net Asset Value\nstatement. This is expected to take place in August this year.\n\n\nThe Company also anticipates benefiting from valuation uplifts of approximately\n€7.5 million and €12 million respectively on the Lublin Plaza Centre (Poland)\nand the Plzen Plaza Centre (Czech Republic) which have also been pre-sold to\nKlepierre. The formal completion of the handover of these two centres is\nanticipated to take place in Q2 2007 and Q1 2008, for Lublin and Plzen\nrespectively.\n\n\nAdditionally, Plaza is pleased to report that it has also agreed the sale of the\nDuna Plaza offices in Budapest, Hungary, to Klepierre for a consideration of\n€14.2 million, an increase in the value disclosed in the Company's Admission\nDocument at the time of its IPO. The offices are located adjacent to the Duna\nPlaza shopping and entertainment centre which was sold to Klepierre in July\n2004. Furthermore, the Company has agreed with Klepierre to proceed with the\ndevelopment of the extension to the Duna Plaza Centre on an adjacent area of\nland, which is...