Plaza Centers N.V. has successfully completed the sale of 100% of its interest in a vehicle which holds the interest in the Prague 3 project, a logistics and commercial center in the third district of Prague.
Earlier this year, Plaza completed its successful application to change the zoning use of Prague 3 to a residential scheme. The transaction values the asset at circa €11 million and, as a result, further to related bank financing and other balance sheet adjustments, Plaza has received cash proceeds of net circa €7.5 million.
Ran Shtarkman, President and CEO of Plaza Centers N.V., said: “Less than two months after our first exit in India, we are pleased to announce the sale of our holding in Prague 3 in the Czech Republic. The sale is in line with our strategy and disposal program of deleveraging and reallocating realized capital from stabilized completed projects and non-core assets to the core yielding assets across our portfolio.”
“Whilst we will continue to progress our realization program, we remain committed to creating additional capital value and income growth by focusing on our asset management initiatives at our other assets both in CEE and India.”
Source: FTI Consulting