Business
Sale completion
Sale completion.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n RNS Number : 2633A Plaza Centers N.V. 31 July 2008 \n \n31 July 2008 \n\nPLAZA CENTERS COMPLETES HANDOVER OF PLZEŇ PLAZA SHOPPING AND ENTERTAINMENT CENTRE TO KLEPIERRE\n\n- Consideration received 43% higher than anticipated at IPO -\n\nPlaza Centers N.V. (“Plaza” or the “Company”), a leading emerging markets property developer, announces today that it has formally completed the successful handover of Plzeň Plaza to Klépierre SA (“Klépierre”), a leading French property group. \n\nThe shopping and entertainment centre, located in Plzeň, the fourth largest city in the Czech Republic with a catchment area of over 300,000 inhabitants, was 100% let to international and local tenants on its opening to the public in December 2007. The centre was pre-sold to Klépierre in July 2005.\n \nWith a gross lettable area of 20,000 sqm, the three storey shopping centre includes a supermarket on the lower ground floor, a ten screen cinema, a variety of restaurants and cafes and a bowling and entertainment centre. There are over 90 shops in the centre with international fashion brands such as Esprit, Reserved, Retro Jeans, Takko, Orsay and Deichman.\n\nDue to higher than expected rental levels being achieved and the strong market conditions experienced in the Czech Republic since the pre-sale agreement was signed, the actual closing consideration resulted in a higher sum being paid to the Company than disclosed in the Company's Admission Document at the time of its IPO in November 2006. The disposal price of the property is €61.4 million, compared to a value of €42.8 million at IPO in November 2006, representing a 43% rise.\n\nThe gains from the sale of Plzeň Plaza will be included in the Company's forthcoming interim results for the first half of 2008, which will be announced on 27 August.\n\nCommenting on the handover, Ran Shtarkman, President and CEO, Plaza Centers N.V. said: \n\n 'We are extremely encouraged that, even in these ...