Troubled CEE real estate firm Plaza Centers has agreed to sell its 50% equity stake, together with the other 50% Joint Venture partner, in the Uj Udvar project in Budapest, Hungary.

Troubled CEE real estate firm Plaza Centers has agreed to sell its 50% equity stake, together with the other 50% Joint Venture partner, in the Uj Udvar project in Budapest, Hungary.

Plaza received proceeds of €2.35 mln in cash from the sale for its share in the asset.

Ran Shtarkman, president and CEO of Plaza Centers said: 'The Uj Udvar project is an operational shopping centre but requires substantial refurbishment to enable it to deliver strong levels of income and provide value enhancement for our shareholders. Therefore, in the context of a lack of readily available development finance for such projects and our ongoing restructuring process, we decided to sell our stake to refrain from incurring additional material costs.

'The disposal is also in line with our strategy to deleverage and to dispose of non-core assets and to focus on the core yielding assets across our portfolio, which we are continuing to do.'

Plaza Centers is an emerging markets developer of shopping and entertainment centres.