Plaza Centers N.V.
10 December 2007
10 December 2007
PLAZA CENTERS OPENS PLZEN PLAZA IN CZECH REPUBLIC
Plaza Centers N.V. ('Plaza Centers' or 'the Company'), a leading emerging
markets property developer, announces that Plzen Plaza Shopping and
Entertainment centre in Plzen, Czech Republic has been completed and opened to
the public.
With a gross lettable area of 20,000 sqm, the centre was 100% let on opening.
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.
There are also 600 car parking spaces.
Plzen Plaza is ideally located on the main road leading in to Plzen, and is well
served by tram and bus lines, enabling easy access for the catchment area of
163,000 inhabitants of Plzen and a further 150,000 inhabitants in the
surrounding area.
As indicated in the Company's prospectus at the time of its admission to trading
on the London Stock Exchange, Plzen Plaza has been pre-sold to the Klepierre
Group, a leading French property group. The estimated gross asset value of the
development as at 30 June 2007 was €61.8 million.
The formal handover to Klepierre is expected to take place in the first quarter
of 2008.
On completion of the sale and subsequent handover to Klepierre, a further
announcement will be made to shareholders.
Commenting on the opening, Ran Shtarkman, Chief Executive of Plaza Centers,
said:
'Plzen Plaza is a landmark development for the Western Bohemian region of the
Czech Republic which has attracted some major international brands to the area.
With the project completed and opened in early December, Plzen Plaza will be
able to take advantage of the Christmas sales boost from a catchment area of
over 300,000 people.
'This shopping centre development and subsequent disposal is another clear
example of our ability to create significant shareholder value by developing
major retail sites in our chosen markets, pre-letting the units to international
and domestic tenants and the disposing of the asset on completion.
'We look forward to updating shareholders on the final completion and disposal
to Klepierre in due course.'
For further details, please contact:
Plaza Centers
Mordechay Zisser, Chairman +972 3 608 6000
Ran Shtarkman, President and CEO +36 1 462 7221
Roy Linden, CFO +36 1 462 7105
Financial Dynamics +44 20 7831 3113
Stephanie Highett / Laurence Jones
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is a leading emerging markets
developer of shopping and entertainment centres. It focuses on constructing new
centres and, where there is significant redevelopment potential, redeveloping
existing centres in both capital cities and important regional centres. The
Company is dual listed on the Main Board of the London Stock Exchange and, as of
19 October 2007, the Warsaw Stock Exchange (LSE:'PLAZ', WSE: 'PLZ/PLAZACNTR').
Plaza Centers N.V. is an indirect subsidiary of Elbit Imaging Ltd. ('EIL'), an
Israeli public company whose shares are traded on both the Tel Aviv Stock
Exchange in Israel and the NASDAQ Global Market in the United States.
Plaza Centers is a member of the Europe Israel Group of companies which is
controlled by its founder, Mr Mordechay Zisser. It has undertaken real estate
development in emerging markets for more than 11 years.
This information is provided by RNS
The company news service from the London Stock Exchange