Plaza Centers sells 50% stake in Lublin Plaza to Klépierre (PL/FR)

Plaza Centers N.V. has formally completed the sale of its 50% stake in the Lublin Plaza Shopping and Entertainment center in Poland to Klépierre SA. Lublin Plaza is located in the heart of Lublin, Poland, and comprises 26,000 m² of GLA, with adjacent parking facilities for 690 vehicles. Lublin Plaza is the first shopping center in Lublin to combine shopping with entertainment facilities.

Plaza developed the Lublin Plaza project together with a 50% joint venture party, while the active management was handled solely by Plaza. Both parties agreed to sell their holdings to Klépierre.

The market value of the shopping centre, which was 100% let to international and local tenants on its opening to the public in June 2007, now totals approximately €78 million (on a 100% basis), compared to the estimated value of approximately €62 million at the time of the Company's Admission to trading.

In addition, Plaza confirmed that, further to its announcement to shareholders on 8 May 2007, all the outstanding conditions relating to the sale of the Rybnik Plaza and Sosnowiec Plaza Shopping and Entertainment centers in Poland to Klépierre have been fulfilled. On completion and upon sale, the combined market value of the Rybnik Plaza and Sosnowiec Plaza properties totalled €90.1 million, an increase of €18.6 million on the estimated value at Admission.

Commenting on the handover agreement, Ran Shtarkman, President and CEO of Plaza Centers N.V., said, "We are pleased to have formally signed the handover agreements to Klépierre for Lublin Plaza. The shopping center is the third that we have completed in Poland this year, all of which were 100% occupied on opening.

"The successful handover of Lublin Plaza further demonstrates Plaza's track record of delivering high quality shopping and entertainment destinations in emerging markets. We are delighted to have achieved a higher market value than stated in the Company's Admission Document, providing significant value returns for our shareholders."

Source: FD

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