Retail and leisure developer Plaza Centers announced gross revenues from the sale and operation of its real estate assets of €80m, down €17m since June 2007, in its interim results today.
However, the property developer, which has a portfolio of 32 developments, has seen the value of its properties being developed for future sale for the six months ending June 30 increase to €401m. Its total assets are worth €939m.
The company’s profit before tax was €44.5m, owing mainly to the disposal of
Plaza Centers’ key highlight was the joint venture signed with Elbit Imaging to develop three major mixed use projects in
Other achievements include include the handover of €61.4m
In addition, a consortium formed by the shareholders of Dream Island, in which Plaza holds a 30% stake, has won, via a competitive tender, a casino licence in
Plaza Centers has also raised approximately €153m from a bond issue to Israeli institutional investors between February and May.
Mordechay Zisser, chairman, Plaza Centers, said: “Whilst our existing and potential tenant base cannot be expected to be entirely immune from current pressures on retailers, the nature of our assets continue to attract strong letting and customer interest.”
“With the backing of a strong cash position, we can continue to develop our existing schemes and also acquire new projects at even more compelling prices given the current global economic slowdown.”
