Emerging markets property developer Plaza Centers said it has signed a non-binding letter of intent to sell the Torun Plaza and Suwalki Plaza shopping and entertainment centres in Poland to an unnamed global investment fund.
The total agreed value of the assets is €121 mln, subject to adjustments on the basis of the net operating income and future NOI, the company added.
The assets comprise a total of circa 60,000 m2 of gross lettable area, of which Torun Plaza represents 40,000 m2 and Suwalki Plaza 20,000 m2.
Under the terms of the agreement, the portfolio will remain under Plaza's management until 31 December 2017, during which time the company will continue to implement its asset management plans to optimise the tenant mix and improve the rental income and the NOI.
The disposal is currently expected to complete by the end of October 2016.
