Business
Receipt of proceeds
Receipt of proceeds.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n Plaza Centers N.V.\n22 January 2008\n\n22 January 2008\n\n\n PLAZA CENTERS RECEIVES EUR 381 MILLION GROSS CASH PROCEEDS FROM\n THE SALE OF ARENA PLAZA, HUNGARY\n\n\nPlaza Centers N.V. ('Plaza Centers' or 'the Company'), a leading emerging\nmarkets property developer, today announces that it has received gross proceeds\nof approximately €381 million in consideration for the sale of the Arena Plaza\nshopping and entertainment centre in Budapest to UK based Active Asset\nInvestment Management ('aAIM'), one of the UK's fastest growing commercial\nproperty investment groups.\n\n\nAs first announced to shareholders on 7 August 2007, Arena Plaza was pre-sold to\naAIM. The transaction was consummated on 18 December 2007, with effect from 30\nNovember 2007, at a completion value totalling approximately €381 million. The\nnet cash consideration received by Plaza after settlement of outstanding\nliabilities was approximately €248 million.\n\n\nWith 66,000 square metres of lettable area, Arena Plaza is Hungary's largest\nshopping and entertainment centre. The Arena Plaza was 100% let to international\nand local tenants on its opening to the public on 15 November 2007.\n\n\nCommenting on the transaction, Ran Shtarkman, President and CEO of Plaza Centers\nN.V., said:\n\n\n'Arena Plaza is one of the largest and most prestigious shopping and\nentertainment centres in Central and Eastern Europe and the quality, size and\ndesign of this project has set new standards for the region as a whole. By\ndeveloping what is, as of today, Hungary's largest shopping centre, Plaza has\nprovided Hungary with an exciting new commercial centre in central Budapest and\na compelling destination for national and international tenants and visitors.\nAmongst the international anchor tenants of the Centre are Tesco, the Inditex\nGroup and the giant German retailer, Peek & Cloppenburg, which has chosen Arena\nPlaza as the site to launch its first Mega Store in Hungary. Additionally, the\ncentre has other major and well known retailers such as H&M, Electro World,\nHervis and C&A and a 23-screen Cinema City complex, which includes Hungary's\nfirst IMAX theatre.\n\n\n'Our ability to develop Arena Plaza on time, within budget, and 100% let on\nopening to key international and local tenants clearly demonstrates the real\nstrength in construction and le...