Annual report 2010 - plazacenters

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Overview Current developments continued India Market value Ownership Market value on of land and Expected Project City (%) GBA (m²) completion (€m) .(1) project (€m) .(1) completion Koregaon Park Plaza Pune 100% 110,000 90.0 59.4 H2 2011 (mall) Kharadi Plaza Pune 50% 165,000 66.7 19.0 2011-2014 Trivandrum Plaza Trivandrum 50% 195,000 50.0 10.1 – Bangalore Bangalore 23.75% 320,000 153.2 49.1 2012-2017 Chennai Chennai 38% 800,000 219.1 21.0 2013-2015 Kochi Island Kochi 23.75% 575,000 155.0 3.3 – 1 Value as per King Sturge valuation report as at December 31, 2010. The Group is currently developing six large-scale schemes in India, three commercial-led developments and three residential developments. During 2008, Plaza formed a joint venture with Elbit Imaging to develop three mega mixed-use projects in India located in the cities of Bangalore, Chennai and Kochi. Under this agreement Plaza acquired a 47.5% stake in Elbit India Real Estate Holding Limited, which already owned stakes of between 50% and 80% in three mixed-use projects in India, in conjunction with local Indian partners. The three residential mega schemes will comprise in total approximately 1.7 million m 2 of built area and the construction of the first two is expected to commence in late 2011/beginning 2012. The Company expects to complete its first shopping and entertainment center in India, the Koregaon Park Plaza, in H2 2011 as well as its first office building in Kharadi, Pune. Kochi Island Chennai Trivandrum Plaza 18 Plaza Centers N.V. Annual report 2010
O Br Mg Fs Ai Koregaon Park Plaza: under construction In 2007 Plaza purchased a plot of land of approximately six acres (24,000m2) in Koregaon Park, an up-market area of Pune, Maharashtra State, India. Plaza is developing the site into a mixed-use scheme with a total GBA of approximately 110,000m2 including shopping center (93,000m2) and offices (17,000m2) all inclusive of underground parking. The project is currently under construction and approximately 55% of the mall is pre-let. Koregaon Plaza will become the Company’s first completed project in India during H2 2011. Kharadi Plaza: under planning Plaza Centers is party to a 50:50 joint venture with a local Indian developer which holds 14 acres of land (56,000m2) in the Kharadi area in Pune, Southern India. The Company intends to develop its plot of land through the construction of three office buildings comprising approximately 165,000m2 of gross built area. Plaza has made good progress with the construction of the first phase, a 28,000m 2 building known as “Matrix One” which is expected to be completed in H2 2011. To date, Plaza has pre-sold 70% of the saleable area in Matrix One. Trivandrum Plaza: under planning The Group has a site in the city of Trivandrum (with direct linkage to the bypass road which is adjacent to the project premises) on which it intends to develop 195,000m2 GBA of a shopping and entertainment center together with office premises and a serviced apartment facility. Bangalore: under planning The JV has a 50% stake in a company which holds a 165 acre plot in Bangalore. The site is located on the Eastern side of Bangalore, India’s fifth largest city, with a population of over seven million people. The JV intends to develop the site into a mega project with a total built area of over 320,000m2. The project will comprise over 1,000 residential luxury villas. Chennai: under planning The JV has an 80% stake in a company which holds a 90 acre plot in Chennai. Chennai is India’s fourth largest city with a population of over ten million people. The site will be developed into an integrated mixed-use project consisting of high-rise residential units and high-quality villas with a total built area of 800,000m2. Kochi Island: under planning The JV has a 50% stake in a company which holds a 41 acre plot in Kochi. The site is located on a backwater island adjacent to the administrative, commercial and retail hub of the city of Kochi, in the state of Kerala, with a local population of more than three million people. The mixed-use project will comprise over 575,000m2 of high-end residential apartment buildings, office complexes, a hotel and serviced apartment complex, retail area and marina. Trivandrum is a major city in the South of India. The city is the State of Kerala capital and houses many central and state government offices, organizations and IT companies. Apart from being the political center of Kerala, it is also a major academic hub and is home to several educational institutions. It has a population of three million inhabitants. Plaza Centers N.V. Annual report 201019
Page 1 and 2: Plaza Centers Annual report 2010 Su
Page 3 and 4: Overview Who we are O Br Mg Fs Ai W
Page 5 and 6: O Br Mg Fs Ai Operational highlight
Page 7 and 8: Overview Our s trategy O Br Mg Fs A
Page 9 and 10: O Br Mg Fs Ai Koregaon Park Plaza (
Page 11 and 12: O Br Mg Fs Ai • As a result of th
Page 13 and 14: O Br Mg Fs Ai Plaza expects to comp
Page 15 and 16: Overview Our portfolio at a glance
Page 17 and 18: O Br Mg Fs Ai Suwałki Plaza: opera
Page 19: O Br Mg Fs Ai Belgrade Plaza Serbia
Page 23 and 24: Overview Current devel opments cont
Page 25 and 26: O Br Mg Fs Ai Timisoara Plaza Roman
Page 27 and 28: Overview Current de velopments cont
Page 29 and 30: O Br Mg Fs Ai Liberec Plaza Czech R
Page 31 and 32: O Br Mg Fs Ai Bulgaria Sofia Plaza
Page 33 and 34: O Br Mg Fs Ai I am pleased to repor
Page 35 and 36: O Br Mg Fs Ai The combination of Pl
Page 37 and 38: O Br Mg Fs Ai Over the course of th
Page 39 and 40: O Br Mg Fs Ai Plaza’s effective o
Page 41 and 42: O Br Mg Fs Ai In addition, Plaza ha
Page 43 and 44: O Br Mg Fs Ai Among our first actio
Page 45 and 46: O Br Mg Fs Ai increased rental reve
Page 47 and 48: Management and governance Managemen
Page 49 and 50: O Br Mg Fs Ai Uzi Eli (35), LLB, At
Page 51 and 52: O Br Mg Fs Ai Substantial sharehold
Page 53 and 54: Management and governance Corporate
Page 55 and 56: O Br Mg Fs Ai • Best Practice Pro
Page 57 and 58: O Br Mg Fs Ai Among other matters,
Page 59 and 60: Management and governance Risk mana
Page 61 and 62: O Br Mg Fs Ai • Real estate valua
Page 63 and 64: O Br Mg Fs Ai II) Four components o
Page 65 and 66: O Br Mg Fs Ai c) The Audit Committe
Page 67 and 68: O Br Mg Fs Ai Service arrangements
Page 69 and 70: Financial statements Independent au
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Financial statements Consolidated i
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Financial statements Consolidated s
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O Br Mg Fs Ai For the For the year
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O Br Mg Fs Ai Estimates and underly
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O Br Mg Fs Ai Note 3 - Summary of s
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O Br Mg Fs Ai Financial assets and
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O Br Mg Fs Ai f. Normal operating c
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O Br Mg Fs Ai i) Rental income The
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O Br Mg Fs Ai 2. Share-based paymen
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O Br Mg Fs Ai The current lack of c
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O Br Mg Fs Ai Note 7 - Available-fo
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O Br Mg Fs Ai Below is a summary ta
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O Br Mg Fs Ai Major additions/dispo
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O Br Mg Fs Ai Note 16 - Derivatives
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O Br Mg Fs Ai December 31, December
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O Br Mg Fs Ai Note 21 - Other liabi
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O Br Mg Fs Ai As of December 31, 20
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O Br Mg Fs Ai Contractual life Gran
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O Br Mg Fs Ai Note 28 - Revenues Fo
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O Br Mg Fs Ai Note 32 - Net finance
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O Br Mg Fs Ai b. Under the particip
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O Br Mg Fs Ai The Group limits its
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O Br Mg Fs Ai Liquidity risk The fo
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O Br Mg Fs Ai Interest rate risk Pr
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O Br Mg Fs Ai Note 36 - Contingent
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O Br Mg Fs Ai Certain loan agreeme
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O Br Mg Fs Ai The net proceeds of t
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O Br Mg Fs Ai Additional transactio
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O Br Mg Fs Ai Note 39 - Operating s
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O Br Mg Fs Ai Note 41 - Critical ac
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O Br Mg Fs Ai therefore fail to imp
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O Br Mg Fs Ai Cyprus - Russia Activ
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O Br Mg Fs Ai The Dutch Antilles Ac
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O Br Mg Fs Ai United States Activit
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Additional information Advisors O B
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