Plaza Centers NV (Plaza) has formally completed the sale of its 50% stake in the Lublin Plaza Shopping and Entertainment centre in Poland to French property group Klepierre SA. On its opening to the public in June 2007, the shopping centre was 100% let to international and local tenants with its market value now totaling approximately Eur 78 million.
Plaza developed the Lublin Plaza project together with a 50% joint venture party, while the active management was handled solely by Plaza. Both parties agreed to sell their holdings to Klepierre.
Lublin Plaza is the first shopping centre in Lublin to combine shopping with entertainment facilities. It is located in the heart of Lublin, Poland and includes gross lettable area of 26,000 square metres and parking facilities for 690 vehicles.
“We are pleased to have formally signed the handover agreements to Klepierre for Lublin Plaza,” says Ran Shtarkman, President and CEO of Plaza Centers NV. “The shopping centre is the third that we have completed in Poland this year, all of which were 100% occupied on opening.’”
Hedgeweek
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