Annual report 2010 - plazacenters

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Overview Current developments continued Latvia, Greece, Bulgaria Market value Ownership Market value on of land and Expected Project City (%) GLA (m²) completion (€m) .(1) project (€m) .(1) completion Latvia Riga Plaza Riga 50% 49,000 51.0 51.0 Operating Greece Piraeus Plaza Athens 100% 26,000 125.9 34.3 2014 Bulgaria Sofia Plaza Business Center Sofia 51% 44,000 44.5 7.5 – Shumen Plaza Shumen 100% 20,000 37.6 6.1 2013-2014 1 Value as per King Sturge valuation report as at December 31, 2010. In March 2009, Plaza completed the development of Riga Plaza shopping and entertainment center, its first development in the Baltic states. Plaza is currently developing one shopping and entertainment center and one mixed-used project in Bulgaria. During 2010, Plaza received a building permit for its planned development in Piraeus, Athens, which will comprise 26,000m² GLA. The Company intends to start the construction in 2012 and has already made good progress in its discussions with banks to secure funding for the scheme. Riga Plaza Shumen Plaza Piraeus Plaza Sofia Plaza Business Center 28 Plaza Centers N.V. Annual report 2010
O Br Mg Fs Ai Bulgaria Sofia Plaza Business Center: under planning In February 2009, the Group acquired a controlling stake in a 75,000m2 project in Sofia, the capital of Bulgaria. Plaza shall retain the right to acquire a further 24% stake in the project within six months following the start of construction. The project will be situated on a 9,500m2 site on a main junction at the South-west side of the city, 3km from the top center and very close to Lulin (the biggest neighborhood in Sofia). It will be easily accessible by foot, car and public transportation. Sofia Plaza will be developed as 44,000m2 GLA of retail and business complex, served by 900 underground parking spaces. The project has a valid planning permit for the office scheme and is currently being leased to a hypermarket operator. Shumen Plaza: under planning The Group has purchased a 26,000m2 plot of land in Shumen, one of the largest cities in North-eastern Bulgaria, 80km from Varna. The site is ideally situated at the crossroad of the two major traffic arteries in Shumen, within short walking distance of the city center, railway station and University. It will be the first western-style shopping center in the district and shall serve the city population of 100,000 people and a larger catchment of 205,000 people. Shumen Plaza will be a three-floor commercial and entertainment complex with 20,000m2 GLA and 650 parking spaces. The shopping center will include supermarket, digital cinema, 70 retail shops, entertainment complex with bowling, billiards and games, food court, restaurants and cafes. Latvia Riga Plaza: completed, opened to the public In March 2004, the Group entered into a 50:50 JV with an American capital fund with extensive experience in Latvia for this project. Riga Plaza is located on the West bank of the Daugava River, South-west of Riga’s city center (population of approximately 740,000 people, the largest city in the Baltic states) with excellent transportation connections to the city center and primary catchment of 350,000 inhabitants. Riga Plaza is a three-floor shopping and entertainment center with a GLA of approximately 49,000m2, anchored by a hypermarket, an eight-screen multiplex cinema and 2,000m2 bowling and entertainment area. Greece Piraeus Plaza: under planning The Group currently owns a plot of approximately 15,000m2 in the city of Piraeus, a commercial-industrial center – only 10km from the heart of Athens. The site has an ideal highly visible and commercial position at the junction of two of the biggest arteries in Attica: National Highway, running from the North to the South of Greece and Piraeus Avenue, connecting the center of Athens with the port of Piraeus. Conveniently located in front of the ISAP metro line, bus stations and in walking distance of Europe’s largest passenger port of Piraeus, the project will be easily accessed by a large catchment of more than one million people. Piraeus Plaza will be a three-storey commercial and entertainment complex with 26,000m2 GLA and will be served by four underground parking levels for 775 cars. Plaza Centers N.V. Annual report 201029
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 and 20: O Br Mg Fs Ai Belgrade Plaza Serbia
Page 21 and 22: O Br Mg Fs Ai Koregaon Park Plaza:
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: O Br Mg Fs Ai Liberec Plaza Czech R
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
Page 71 and 72: Financial statements Consolidated i
Page 73 and 74: Financial statements Consolidated s
Page 75 and 76: O Br Mg Fs Ai For the For the year
Page 77 and 78: O Br Mg Fs Ai Estimates and underly
Page 79 and 80: O Br Mg Fs Ai Note 3 - Summary of s
Page 81 and 82:
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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