Plaza Centers has concluded an agreement with NEPI Rockcastle, on the termination of land use rights over a circa 21,788 sqm land plot adjoining Arena Plaza in Budapest, Hungary, registered to a subsidiary of the company, Kerepesi 5 Irodaépület Kft. NEPI Rockcastle has recently acquired the Arena Plaza shopping centre from a third party.
The transaction also includes the termination of the preliminary easement agreement, which provided K5 with certain easement rights over the plot.
As a result of the agreement, K5 will receive a net sum of €2.5 million.
