Property developer Plaza Centers confirmed this week that it has completed the sale of its 50% stake in the Lublin Plaza Shopping and Entertainment centre in Poland to French property group Klépierre. Plaza has been solely responsible for the active management of the Lublin Plaza project, which opened fully let last month. Both Plaza and their 50% joint venture party, which had co-developed the project, had agreed to sell their holdings to Klépierre from the outset.
Property developer Plaza Centers confirmed this week that it has completed the sale of its 50% stake in the Lublin Plaza Shopping and Entertainment centre in Poland to French property group Klépierre. Plaza has been solely responsible for the active management of the Lublin Plaza project, which opened fully let last month. Both Plaza and their 50% joint venture party, which had co-developed the project, had agreed to sell their holdings to Klépierre from the outset.
Lublin Plaza, which is the first shopping centre in the city to combine retail with entertainment facilities, has a gross lettable area of 26,000 m2 and a market value said to now total approximately EUR 78 mln. Plaza also confirmed that all the outstanding conditions relating to the sale of the Rybnik Plaza and Sosnowiec Plaza Shopping and Entertainment centres in Poland to Klépierre have been fulfilled. On completion and upon sale, the combined market value of those centres totalled just over EUR 90 mln.
