Business
SALE OF RESIDENTIAL PLOT IN LODZ, POLAND
SALE OF RESIDENTIAL PLOT IN LODZ, POLAND.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 4049C Plaza Centers N.V. 28 June 2016 \n\n \n28 June 2016\n \nPLAZA CENTERS N.V.\n \nSALE OF RESIDENTIAL PLOT IN LODZ, POLAND\n \nPlaza Centers N.V. (\"Plaza\" or the \"Company\"), a leading emerging markets property developer, announces that it has signed an agreement for the sale of a 20,700 sqm plot of land in Lodz, Poland, to a residential developer, for €2.4 million. The conditional agreement will be followed by a transfer agreement which is expected to be signed by the end of August 2016.\n \nLocated in Lodz city centre, the plot represents 63% of a wider 33,000 sqm site. 26% of the site was previously sold in two separate transactions completed in 2015 and 2016 for a total value of €1.2 million. Following these transactions Plaza still owns 4,000 sqm of space for future value realisation. Lodz is one of Poland's largest cities; this is one of two assets held by Plaza in Lodz, alongside a core commercial holding originally acquired for developing Lodz Plaza Shopping Center with a 35,000 sqm GLA, on a plot of 61,000 sqm.\n \nThe sale of the Lodz residential plot is consistent with the Company's stated strategy to oversee an orderly disposal of its non-core or mature assets, in order to reduce Company debt levels and to bring its development projects to fruition. On transfer, Plaza will receive an initial payment of €1.04 million, followed by €180,000 in November 2016, €220,000 in December 2016 and a final instalment of €0.96 million in June 2017.\n \nIn line with the Company's stated restructuring plan, 75% of the net cash proceeds from the sale of the plot, will be distributed to Plaza's bondholders within the quarter following the receipt of each cash portion. \n \nDori Keren, Acting CEO at Plaza Centers, said:\n \n\"This transaction in Poland at a favourable price represents further progress as we continue to implement the ongoing disposal programme, in order to meet the commitments of our restructuring plan and refocus the portfolio towards core assets in target markets.\"\n \nEnds\n \n\n\n\n\nFor further details, please contact:\n\n\n\n\n\n\n\nPlaza\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDori Keren, Acting CEO\n\n\n+ 48 22 231 99 00\n\n\n\n\nEitan Farkas, Financial Director\n \n\n\n+ 36 1 462 7254\n\n\n\n\nFTI Consulting\n\n\n...