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Plaza Centers opens Czech plaza

Drinks

Real estate developer Plaza Centers N.V. announced the grand opening of the Plze_ Plaza Shopping and Entertainment center in the Czech Republic.

With a gross lettable area of 20,000 square meters, the center 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. Plze_ Plaza is ideally located on the main road leading in to Plze_, and is well served by tram and bus lines, enabling easy access for the catchment area of 163,000 inhabitants of Plze_ 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, Plze_ 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: “Plze_ 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, Plze_ 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. (dah.kiev.ua)

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