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Plaza Centers raises £154 mln in initial share sale

Plaza aims to build as many as five malls a year, primarily in central and eastern Europe and India.

Plaza Centers BV, a unit of Elbit Medical Imaging Ltd. that develops shopping malls in eastern Europe, raised £154 million (€230 million) in an initial public offering. Plaza, registered in Amsterdam, sold 85.7 million new shares at 180 pence apiece, the mid-point of the range it was targeting, the company said in a Regulatory News Service statement today. The offering values Plaza at about £514 million. Plaza aims to build as many as five malls a year, primarily in central and eastern Europe and India.

Plaza is already developing 10 sites for retail or leisure purposes in the Czech Republic, Hungary, Latvia and Poland. It has sold previous properties to Klepierre SA and Dawnay Day Group. The shares are due to begin trading in London today. UBS AG, which managed the IPO, has an option to increase the sale by 10% over coming weeks. (Bloomberg)