Business
Site Acquisition
Site Acquisition.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n Plaza Centers N.V.\n17 August 2007\n\n\n\n17 August 2007\n\n\n\n PLAZA CENTERS CONTINUES EXPANSION IN ROMANIA\n\n\n\n\n\nPlaza Centers N.V. ('Plaza' or the 'Company'), a leading emerging markets\nproperty developer, today announces that it has acquired a site in Slatina, in\nsouthern Romania ('the site').\n\nThe Slatina site totals approximately 20,000 sqm and is located in the\nnorth-western part of Slatina. Plaza plans to build a shopping and entertainment\ncentre with approximately 25,000 sqm of built area, plus 450 parking places. In\naddition the site comes with an option to develop approximately 10,000 sqm of\nresidential accommodation, which the Company may consider selling to a third\nparty.\n\nThis project is Plaza's fifth development project in Romania since it commenced\noperations in the country in November 2006. The Company's other schemes in\nRomania include projects at Iasi, Timisoara, Miercurea Ciuc and, most\nsignificantly, its landmark Casa Radio scheme in the heart of Bucharest, which\ncomprises more than 500,000 sqm of built area including shopping, leisure,\noffice, conference facilities and parking places.\n\nPlaza's total investment in the Slatina scheme is expected to be approximately\n€24.5 million.\n\n\nCommenting on the deal, Ran Shtarkman, CEO, Plaza Centers N.V. said:\n\n\n\n'Slatina is a vibrant city with around 80,000 inhabitants and is considered a\nmajor city in the county of Olt which has a population of 520,000. It has a\nstrong industrial base, with companies such as Pirelli Tyres located there.\nHowever, it is lacking the sort of high quality retail space that we specialize\nin developing. Given that demand for prime retail space in the city is strong,\nwe are confident that our latest Romanian project will generate strong interest\nfrom potential occupiers.\n\n'This acquisition is Plaza's fifth transaction in Romania since November 2006.\nWe believe the Romanian property sector is set to enjoy a long period of steady\ngrowth, backed by growing demand from occupiers and increasing interest from\ninternational investors in institutional grade assets in the region.'\n\n\n\n\n\n Ends.\n\n\n\nFor further details please contact:\n\n\nPlaza\nRan Shtarkman +36 1 462 7221\nRoy Linden +36 1 462 7105\n\nFinancial Dynamics\nStephanie Highett/Lauren Mills +44 20 7831 3113\n\n\n\n\n\nNotes to Editors...