Plaza Centers has signed a non-binding letter of intent with a third party regarding a possible forward sale of the Belgrade Plaza shopping and entertainment centre in Belgrade.
Under the terms of the proposed transaction, Plaza will complete the development of the property and will remain in place as the asset manager of the operating shopping centre for 12 months thereafter, during which time Plaza will seek to further increase the rental income and net operating income.
Under the terms of the LOI, upon the closing of the definitive agreement, Plaza will receive up to €35 million from the Purchaser and will be entitled to an additional payment of approximately €15 million upon the opening of the shopping centre.
The final agreed total value of the asset will be calculated based on the sustainable NOI after 12 months of operation, capitalised in agreed yield and subject to customary working capital adjustments.
At 3:30pm: (LON:PLAZ) Plaza Centers NV share price was +5p at 250p