Plaza Centers completes another shopping centre

Plaza Centers, an emerging markets property developer, has completed and opened its 31st shopping centre in Central and Eastern Europe and its tenth in Poland.

Toru Plaza was approximately 80% let on opening, with a further 10% of space in advanced negotiations and strong interest expressed in the remaining space.

The plaza is spread over two floors with about 1,100 parking spaces and includes an eight screen cinema, an entertainment centre, as well as over 120 shops

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To date, Plaza has sold 26 of its shopping centre developments with a total value of around €1.16bn.

President of the firm, Ran Shtarkman, said: "The completion is an important milestone for Plaza.

"The opening of Toru Plaza, on time and within budget, once again demonstrates Plaza's ongoing ability, even in these challenging economic times, to secure attractive locations and favourable project financing and to sign leases with dominant international and local retailers.

"We continue to have confidence in the relative resilience of the Polish market and especially in top-quality retail and leisure assets with a dominant catchment area."

The share price fell 4.26% to 45p by 15:49.

NR