Plaza Centers divests shopping centre site in Romania

CEE shopping centre developer-investor Plaza Centers has sold a 31,500 m2 site in north-central Romania for €3.5 mln.

The sale price for the plot in the city of Târgu Mures (also known as Tîrgu-Mures) was consistent with the asset's last reported book value.

Plaza CEO Ran Shtarkman said: 'A number of years ago, we identified this site as a potential location for the development of a shopping and entertainment centre but market conditions in Romania have altered significantly during the intervening period.

'This disposal is in line with our ongoing strategy both to deleverage and to dispose of non-core assets and focus on the core yielding assets across our portfolio. The proceeds we have secured from the sale are in-line with our cash flow forecasts.'