Annual report 2010 - plazacenters

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Over the course of the reporting period and since the year end,
Plaza has continued to make good operational and strategic
progress, whilst delivering a strong financial performance.
Highlights for the financial year included:
• Openings: Zgorzelec and Suwałki Plaza in Poland opened
in March and May respectively.
• Acquisition of projects: Acquisition through a jointly controlled
investment of 48% of a listed trust holding operating community
shopping centers across the US and signing a sale and purchase
agreement to acquire a further seven shopping centers.
• Investments: Total gross investment in current projects and
new pipeline activity in 2010 of €86 million.
• Financial strength and flexibility: Gross proceeds of
approximately €78 million were raised from a debenture
issue to Israeli and Polish institutional investors in 2010,
while additional €65 million raised from a debenture
issue to Israeli institutional investors post balance sheet,
providing significant additional financial flexibility.
Plaza’s current cash position stands at circa €254 million.
To date, Plaza is involved in the development of 30 schemes in
eight countries, of which eight are located in Romania, six in India,
five in Poland, three in Hungary, three in Serbia, two in the Czech
Republic, two in Bulgaria and one in Greece. In addition, Plaza
owns four operating shopping and entertainment centers in
Poland, Czech Republic and Latvia and three office buildings in
Budapest, Prague and Bucharest.
The development projects are at various stages of the
development cycle, from the purchase of land through
to the planning and completion of construction.
The Company’s current assets and pipeline projects are
summarized in the table below:
Plaza’s effective
ownership
Asset/Project Location Nature of asset Size m 2 (GLA) % Status*
Arena Plaza Budapest, Office scheme 40,000 100 Under planning.
Extension Hungary Construction scheduled to
commence in 2012; completion
scheduled for 2013
Dream Island Budapest, Major business 350,000 (GBA) 43.5 Initial excavation and
(Obuda) Hungary and leisure resort (for rent and sale) archaeological works
commenced; staged
completion scheduled for
2014-2016. Exclusive casino
licence obtained
Uj Udvar Budapest, Retail and 16,000 35 Operating, currently working
Hungary entertainment scheme on refurbishment plans.
Building permit expected
to be granted by year end
David House Budapest, Office 2,000 100 Operational office
Hungary
Suwałki Plaza Suwałki, Retail and 20,000 100 Operating, opened in May 2010
Poland
entertainment scheme
Lodz Lodz, Poland Residential scheme 80,000 (GBA) 100 Under planning
Lodz Plaza Lodz, Poland Retail and 45,000 100 Construction scheduled to
entertainment scheme commence in 2012; completion
scheduled for 2014
Zgorzelec Plaza Zgorzelec, Retail and 13,000 100 Operating, opened in
Poland entertainment scheme March 2010
Torun Plaza Torun, Poland Retail and 40,000 100 Construction commenced in
entertainment scheme Q3 2010; completion scheduled
for Q4 2011
* All completion dates of the projects are subject to securing external financing.
Plaza Centers N.V. Annual report 201035