Plaza Centers disposes of Slatina development site

Plaza Centers has completed the sale of its 23,880 sqm site in Slatina, Romania, to a third party developer for €660,000, a valuation that’s reported to be consistent with the asset's last reported book value.

The sale is part of the company’s commitment to deleverage its business and dispose of non-core trading assets, while focusing on its income producing assets. As agreed in Plaza Centers’ restructuring plan, 75 percent of the cash from the sale will be distributed to the company’s bondholders by the end of June through an early repayment.