Coverage of high-potential mid-market firms in Poland


Plaza Centers reports revenue growth

TAG'S: PLAZACNTR, Developers (Real Estate)

Plaza Centers NV, which develops shopping and entertainment centres, said there was significant growth in turnover across the portfolio in the first quarter of 2015, resulting in an average 9.8% increase compared with the same period of 2014.

Average footfall increased by 4.0% across all the centres during the first quarter, compared with the first quarter of 2014, the company said.

The company said occupancy was stable.

"Following the extensive activity undertaken by the Company in 2014 and the pleasing performance of our retail and leisure portfolio over the course of last year, 2015 is about recalibrating the business to ensure that it is well positioned to drive value for our shareholders and bondholders. To that end, we have seen continuing steady progress during the Period, including the sale of Koregaon Plaza, which represents a significant step forward in our strategy to scale down the Indian activities and focus our efforts on our core portfolio," Chief Executive Ran Shtarkman said in a statement.

"Central and Eastern Europe is where we see the strongest opportunities for income growth and where we are seeing some signs of economic recovery and increasing consumer confidence. Against this backdrop, our intensive asset management initiatives are continuing and the planned development projects at, Timisoara in Romania, Belgrade Plaza (Visnjicka) in Serbia and Lodz Plaza in Poland are on track. The return of capital to our creditors remains a key priority and we are working closely with the board to ensure that their interests are considered in all strategic decisions," Shtarkman said.


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