One of the subsidiaries of Plaza Centers has completed the sale of Suwałki Plaza shopping and entertainment centre in Poland to an investment fund for €42.3 million, which is in line with the last reported book value, the company reports.
Opened in 2010, Suwałki Plaza with its 20,000 sqm of GLA is the only shopping centre in Suwałki, a Polish city with population of circa 75,000, close to the border with Lithuania. It is located next to a major road which connects the Baltic countries to Poland and has a potential catchment area of 200,000 inhabitants. The centre is fully let.
Out of the net proceeds, at least 75% will be distributed to the company’s bondholders by or before 31 March 2017, in line with the company’s stated amended restructuring plan.
