Plaza Centers in $1.4bn US shopping centres sale

Kasmira Jefford
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PLAZA CENTERS, the London-Warsaw listed property developer yesterday said it has sold off 47 of its 49 US shopping centres in a deal worth around $1.43bn.

The group sold the assets via its US joint venture EPN to a joint venture between private equity firm Blackstone and DDR.

The deal – first announced in January – has generated a cash flow of $120m for Plaza, which owns a 22.7 per cent stake in EPN.

The portfolio includes shopping centres in states such as New York, Colorado, Connecticut and Florida.

A spokesperson for the company said negotiations to sell its two remaining US shopping centres for around $30m are still ongoing.

“The successful completion of the sale of 47 US based shopping centres marks the realisation of a highly successful and profitable first investment in the US for Plaza”, president and chief executive Ran Shtarkman said.

Plaza is primarily focused on developing western-style shopping malls in emerging markets and has already completed 31 leisure centres in markets such as Hungary, Poland, the Czech Republic and India.It recently opened its first shopping mall in Serbia.