| | POLISH FINANCIAL SUPERVISION AUTHORITY | |
| |
| | | UNI - EN REPORT No | 5 | / | 2009 |
| | |
| | Date of issue: | 2009-03-30 | | | | | | | | |
| | Short name of the issuer | | | | | | | |
| | PLAZA CENTERS N.V. | |
| | Subject | | | | | | | | | | |
| | Preliminary Results for the year ended 31 December 2008 | |
| | Official market - legal basis | | | | | | |
| | Inne uregulowania
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| | Unofficial market - legal basis | | | | | |
| | Contents of the report: | | | | | | | | |
| | PLAZA CENTERS N.V.
Preliminary Results for the year ended 31 December 2008
PLAZA MAINTAINS STRONG FINANCIAL POSITION AND REPORTS GOOD PROGRESS ACROSS ITS PORTFOLIO
Plaza Centers N.V. (“Plaza" / “Company" / “Group"), a leading emerging markets property developer, today announces its preliminary results for the year ended 31 December 2008.
Financial highlights:
• Profit before tax of €68 million (31 December 2007: €227 million) owing to the disposal of Plzen Plaza in the Czech Republic, price adjustments following the sale of Arena Plaza and gains from financing activity
• Gross revenues and gains from sale and operations of properties of €99 million (31 December 2007: €510 million), with no revaluation gains, as per the Group’s policy
• Total assets of €959 million (31 December 2007: €761 million)
• Basic and diluted EPS of €0.23 (31 December 2007: basic €0.78, diluted €0.77)
• Net Asset Value down 35% to €0.7 billion (31 December 2007: €1.06 billion) , Mainly due to increase in exit cap rates and reduction of expected rental levels
• Net Asset Value per share £2.26 (31 December 2007: £2.52 post dividend), a decline of 10.3% (decline lower than Euro NAV due to the weakening of Sterling
• Conservative gearing position maintained with minor debt comprising only 47% of equity (31 December 2007: 10%)
• Current cash position of circa €170 million; €178 million at the year end (31 December 2007: €93 million) with working capital of €698 million (31 December 2007: €625 million)
• Gross proceeds raised of approximately €153 million from a debenture issue to Israeli institutional investors between February and May 2008, providing significant additional financial flexibility
• The Board has taken the prudent decision not to recommend a dividend for 2008 in order to preserve the capital liquidity within the Company
• Share buyback programme initiated with Plaza acquiring 14.5 million shares at an average price of £0.53, purchased up to 15 January 2009 (9.21 million shares at 31 December 2008). Elbit Imaging Ltd. (“Elbit"), Plaza’s ultimate parent company also purchased 4.79 million shares, bringing its effective shareholding to 73.69%.
Operational highlights:
• Good progress on current developments under construction. Development activities limited to eight projects located in areas with the highest market demand and with favourable financing opportunities, namely Casa Radio and Miercurea Ciuc in Romania, Dream Island in Hungary, Suwalki and Zgorzelec in Poland, Liberec in Czech Republic, Koregaon Park in India and Riga in Latvia
• Successful handover of Plzen Plaza in the Czech Republic to Klépierre. The asset value on handover was €61.4 million, an increase of 43% compared to valuation at IPO
• Completed the acquisition of four development projects, located in Romania and Poland:
o Two developments in Hunedoara and Targu Mures, Romania with an anticipated gross lettable area (“GLA") of 13,000 sqm and 30,000 sqm, respectively
o Two projects in Poland in the cities of Kielce (GLA 33,000 sqm) and in Leszno (GLA 16,000 sqm)
• A company owned by the consortium members of Dream Island (in which Plaza now holds a 43.5% stake), won the first ever major casino licence to be awarded in Budapest, Hungary for its planned circa €1.5 billion entertainment and mixed use development
• Joint venture signed with Elbit to develop three major mixed use projects in India, located in the cities of Bangalore, Chennai and Kochi
• Acquisition of the entire 50% interest of Plaza’s joint venture partner in the Koregaon Park development in Pune, India, for a total consideration of approximately million
• Signed and secured bank loan agreements for the construction of projects in Suwalki, Poland (€42.2 million), Zgorzelec, Poland (€35.1 million) and Miercurea Ciuc, Romania (€19.9 million)
• Significant progress made on two shopping centres to be opened in Q1 2009 - Liberec Plaza, Czech Republic and Riga Plaza, Latvia.
Key highlights since the period end:
• Plaza acquired a 51% stake (with an option to increase to up to 75%) from a local developer in a new 75,000 sqm gross built area development of retail and office space in Sofia, Bulgaria, for a total consideration of €7.14 million. The development project has a credit facility in place
• In March 2009, Plaza and MKB Bank (a leading Hungarian commercial bank which is a subsidiary of the German Bayerische Landesbank) purchased a 27% interest in Dream Island from CP Holdings Ltd (a company controlled by Sir Bernard Schreier) for a consideration of €21.4 million, incorporating a cash payment and the assumption of debt. Plaza and MKB, as a 50:50 joint venture, now hold an 87% interest in the project
• Liberec Plaza shopping centre opened to the public on 26 March, 2009.
Commenting on the results, Mordechay Zisser, Chairman of Plaza Centers, said:
“Given our financial strength, the limited number of development projects in progress and our ability to adapt to market conditions, Plaza is strongly placed and does not have to execute forced sales of projects. We will therefore use the extensive experience we have gained over eight years of managing and running shopping malls efficiently to hold, where needed, completed projects as income generating investments in our portfolio, for the benefit of our shareholders, until the investment market improves.
“The current exceptional market conditions serve as the ultimate test for measuring a strong and well-managed company. Companies such as Plaza that want to take advantage of opportunities in the current market as the basis for their future growth must show their ability to adapt their strategies, readjust and reorganize existing projects and maximise liquidity and cash flow. With this in mind, Plaza will not limit itself only to its traditional development business model and markets and to managing its existing holdings as investment assets, but will seek to acquire high yielding mature assets or invest in interesting new markets, such as the United States where exceptional opportunities may arise to enhance capital and income."
“We therefore remain well placed to manage the business through this market downturn and remain confident in the Company’s excellent long term growth prospects."
Ran Shtarkman, the Company’s President and CEO, added:
“Given the current uncertain economic environment, we have limited our ongoing development programme to eight projects, focusing on areas with the high market demand and where financing terms are more favourable. With letting activity progressing across our developments, we expect to see continued interest from potential occupiers, as we use our strong contacts with key international and local tenants who know and trust the Plaza brand. In addition to this, as many international retailers are only looking at the very best opportunities for international expansion, we are seeing a ‘flight to quality’, which we believe will leave Plaza’s shopping centres ideally positioned to meet such demands."
“We are well positioned to prosper thanks to our conservative gearing levels, with minor debt comprising only 47% of equity, significant cash resources and very good relationships with our financing banks, who recognise Plaza’s strong track record and standing. This means that Plaza is well placed to make opportunistic acquisitions at compelling prices and take a flexible approach to our development pipeline, as well as continuing to progress our large scale projects."
“Our further diversification into markets such as India also creates the opportunity for Plaza to continue to expand as we look to ensure that the business will grow significantly over the long term. With that in mind, we will continue to examine other future emerging and mature market opportunities, which we consider to offer the highest returns with minimum risks. Therefore, we will seek to utilize our cash position to find attractive new opportunities including purchasing existing shopping malls in markets other than our traditional areas of operation.“
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For further details please contact:
Plaza
Mordechay Zisser, Chairman
Ran Shtarkman, President and CEO
Roy Linden, CFO
+972 3 6086000
+36 1 462 7221
+36 1 462 7105
Financial Dynamics
Stephanie Highett/Laurence Jones
+44 20 7831 3113
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is a leading emerging markets developer of shopping and entertainment centres. It focuses on constructing new centres and, where there is significant redevelopment potential, redeveloping existing centres in both capital cities and important regional centres. The Company is dual listed on the Main Board of the London Stock Exchange and, as of 19 October 2007, the Warsaw Stock Exchange (LSE:"PLAZ", WSE: “PLZ/PLAZACNTR"). Plaza Centers N.V. is an indirect subsidiary of Elbit Imaging Ltd. (“EI"), an Israeli public company whose shares are traded on both the Tel Aviv Stock Exchange in Israel and the NASDAQ Global Market in the United States.
Plaza Centers is a member of the Europe Israel Group of companies which is controlled by its founder, Mr Mordechay Zisser. It has been active in real estate development in emerging markets for over 13 years.
Forward-looking statements
This press release may contain forward-looking statements with respect to Plaza Centers N.V. future (financial) performance and position. Such statements are based on current expectations, estimates and projections of Plaza Centers N.V. and information currently available to the company. Plaza Centers N.V. cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements. Plaza Centers N.V. has no obligation to update the statements contained in this press release, unless required by law.
CHAIRMAN’S STATEMENT
We are pleased to report an active year for the Company across all of our operations
We have continued to make good progress on our strategic plans in 2008, despite the ongoing financial turmoil across the world. We continue to build on our strong track record of developing high quality shopping and entertainment centres targeted towards markets where we have identified strong population and economic growth fundamentals. With our strong financial position, the Company has been able, and will continue to, adapt its business model according to prevailing market conditions.
Key Events
Over the last year and since the period end, Plaza has made four project acquisitions, entered into three new joint venture partnerships and completed one handover.
Given the limited number of buyers in the market with the financial strength of Plaza, the Company has been able to make a number of development acquisitions at attractive prices. It has invested a total of €22 million across four projects, adding a further 92,000 sqm GLA to the Company’s development pipeline.
In addition, Plaza has also signed a joint venture agreement with Elbit Imaging Ltd., for the development of three major mixed use projects in India. Under this agreement, Plaza has acquired a 47.5% stake in Elbit Plaza India Real Estate Holding Limited, which already owns stakes of between 50% and 80% in three mixed-use projects in India, in the cities of Bangalore, Chennai and Kochi, in conjunction with local Indian partners. The three projects, will have a total combined development budget of approximately US.4 billion (of which the JV partners will responsible for circa US.9 billion) and a built area in excess of 3.8 million sqm (excluding parking spaces).
We also completed Plzen Plaza in the Czech Republic in December 2007 and, in July 2008, handed it over to Klépierre, 100% let on opening. The disposal price of the property was €61.4 million, compared to a value of €42.8 million at IPO in November 2006, representing a 43% rise.
Plaza raised gross proceeds of approximately €153 million from a debenture issue to Israeli institutional investors between February and May 2008, which followed the initial issuance of €53 million in July 2007. This was an exceptional achievement, given debt market conditions, with significant support shown by debenture investors for the highly rated debentures at interest rates which were favourable to the Company.
In addition, in the fourth quarter of the year, Plaza was able to secure additional development finance for the construction of projects in Suwalki, Poland (€42.2 million), Zgorzelec, Poland (€35.1 million) and Miercurea Ciuc, Romania (€19.9 million).
Results
Despite the challenging market conditions, it is pleasing to report ending 2008 with a gross profit of €43 million and a net profit of €68 million (2007: €510 million and €227 million respectively), resulting mainly from the sale of Plzen Plaza in Czech Republic, the price adjustment for Arena Plaza, Hungary and financing activities. Basic and diluted EPS was down 70% to €0.23.
A considerable portion of the above stated profit resulting from operations is derived from pure cash gains and is not impacted by property revaluations, as the Company has maintained its accounting policy of not revaluing its inventory of real estate under construction.
Following our continued investment in existing assets under construction, as well as the opportunistic acquisitions that the Company has made over the year, our total investment in real estate inventories under construction (“trading properties") increased to €575 million.
The Company continues to have a strong cash position of approximately €178 million at the period end (and circa €170 million as at today’s date), ensuring the Company remains on a solid financial footing to continue its development programme, make opportunistic acquisitions where there is clear potential to create shareholder value and that the Company is able to negotiate project finance, despite the difficult credit environment.
NAV
The Company’s portfolio was valued by King Sturge LLP as at 31 December 2008 and their summary valuation is shown below.
The main impact on the reduction in NAV came from the decrease in the value of most of the Company’s assets, especially in CEE, driven principally by a decline in rental levels as well as yield expansion, a reflection of overall market conditions in the CEE region. This reduction was partially offset by the Arena Plaza price adjustment and the Plzen Plaza value uplift, totalling approximately €23 million. In total, the NAV decreased by 35% compared to 31 December 2007.
The Company’s NAV was calculated as follows:
Use EUR (Thousand)
Market value of land and projects by King Sturge LLP (1) 697,055
Assets minus liabilities as at 31 December 2008 (2) (3,976)
Total 693,079
(1) per valuation attached below
(2) excluding book value of assets which were valued by King Sturge LLP.
The resulting NAV per issued share is ₤2.26 (31 December 2007: £2.52, post dividend), a 10.3% decrease compared to 31 December 2007. This relatively small decrease is mainly due to the devaluation of Sterling against the Euro.
Strategic direction
The financial turbulence over last twelve months has had a significant impact on activity in real estate markets across the world, with the lack of availability of financing being a key factor behind the dramatic slowdown in the investment market and the deterioration in consumer confidence having a particular impact on retail tenants. Despite this, whilst our existing and potential tenant base cannot be entirely immune from current pressures on retailers, the nature of our assets continue to attract strong letting and customer interest.
In light of market conditions, however, we took the strategic decision in the second half of the year to scale back on project starts and acquisitions though we will continue with the development of the eight projects that are in the construction stage (Casa Radio and Miercurea Ciuc in Romania, Dream Island in Hungary Liberec in Czech Republic, Koregaon Park in India, Riga in Latvia and Suwalki and Zgorzelec in Poland). Most of the other projects are either in the design phase or awaiting permitting and the commencement of these projects will depend on the availability of external financing.
Given the financial strength of the Company, the limited number of development projects in progress, combined with the ability of the Group to adapt to the market conditions, Plaza is strongly placed and does not have to execute forced sales of projects. If yields continue to be high once projects currently under construction are completed, Plaza will capitalise upon its extensive experience gained over eight years of managing and running shopping malls efficiently to hold and manage these as income generating investments in our portfolio, to the benefit of our shareholders, until market conditions improve.
Plaza has been active in CEE since 1996. We pioneered the concept of western-style shopping and entertainment centres in the region, targeting a growing middle class and an increasingly affluent consumer base. We look forward to building upon this proven and successful business model, whilst looking for opportunities to expand the Company’s activities both within its existing markets and into new territories.
As demonstrated by the new Joint Venture signed with Elbit, Plaza is now leveraging this experience and proven business model, which we believe can be successfully applied across India. The JV is involved in a number of selected projects in India, a market which it believes has a number of attractive characteristics, which include:
o the significant economic growth the country has experienced over the last five years, which is expected to continue in the coming decade;
o the rapid growth in household income, which is a similar trend to one that the Group experienced in CEE when it commenced operations;
o the Group’s experience in emerging markets with similar complex legal and regulatory environments to India;
o the interest from major retailers in the areas being considered by the Group;
o the undeveloped retail industry in India, which is expected to enter a period of exponential growth; and lack of local expertise and, therefore, competition in the development of shopping and entertainment centres.
Furthermore, the Group will examine other countries in CEE and Asia that meet the Group’s development criteria with a view to identifying further opportunities in this sector. The Group will also examine other countries or continents with a view to acquiring yielding assets at compelling prices.
Portfolio progress
The Company is currently engaged in 33 projects and assets under development located across the Central and Eastern European region and in India. The location of the projects and assets under development is summarised as follows:
Number of assets
Location Under development Offices
Romania 7 1
Poland 6 -
India 6 -
Czech Republic 4 1
Serbia 3 -
Hungary 3 1
Bulgaria 2 -
Latvia 1 -
Greece 1 -
Total 33 3
The Company has invested a total of €40 million in five acquisitions during the year to date, namely: two retail development schemes in Poland (Kielce and Leszno); two retail development schemes in Romania at Hunedoara and Targu Mures; one project in Sofia, Bulgaria and a further 27% stake in its Dream Island project in Budapest with its 50:50 joint venture partner. This is in addition to the €85 million invested in the new joint venture with Elbit in India.
Plaza has also undertaken a number of other significant transactions during the year. The most important of these was the closing of the sale of Plzen Plaza in the city of Plzen (Czech Republic). This transaction was the last under the second agreement with Klépierre. The centre was 100% let prior to its handover, increasing the sales value to €61.4 million, compared to the €42.8 million valuation published in the Company’s IPO Admission document.
In May 2008, a consortium of investors in which Plaza then owned a 30% indirect stake was announced as the winner of a large-scale casino licence to be operated on Obuda Island, Budapest. Following the period end, as announced to shareholders on 19 March 2009, Plaza and its 50:50 joint venture partner, MKB Bank (a leading Hungarian commercial bank which is a subsidiary of the German Bayerische Landesbank) purchased a further 27% interest in Dream Island from Obuda Investment Ltd (a company controlled by Sir Bernard Schreier) for a consideration of €21.4 million (comprising a €12 million cash payment and the rest by debt assumption) and now holds a 87% interest in the project.
The granting of the casino licence will enable Plaza to commence construction of this major mixed-use project, named ‘Dream Island’. Totalling over 350,000 sqm of GBA, the scheme will include approximately 3,000 hotel rooms in several hotels of different categories as well as approximately 1,000 leisure apartments, a convention centre accommodating 3,500 delegates, a 1,500-seat opera house, a 3,500-seat multi-purpose theatre, a marina with an anchorage for 300 vessels, a shopping and entertainment centre including a prestigious ‘Designer Avenue’, a Roman cultural museum, and parking facilities for approximately 5,500 vehicles, as well as the casino of 40,000 sqm. The scheme is located on the southern end of Obuda Island in the Danube River in central Budapest.
The exclusive licence has been granted to a company held by the consortium members of Dream Island for 20 years from the date of the casino’s opening, with a ten year extension option. During this time, no further major casino licences will be granted by the Hungarian government in the same area of Budapest. The casino will have more than 200 gaming tables and over 4,000 slot machines, and is expected to be the largest and most prestigious destination of its kind in Europe, where currently no other resort and leisure facility of this magnitude exists.
Liquidity & Financing
We ended 2008 with a strong liquidity position, holding circa €178 million of cash and cash equivalents (including €32 million restricted cash). This was mainly due to the disposal of Arena Plaza and receipt of gross proceeds of approximately €153 million raised from a debenture issue to Israeli institutional investors between February and May 2008 and provides the Company with significant additional financial flexibility. Our strong liquidity enabled us, together with our ultimate parent company, to commence a share buyback programme of up to 6.61% of the shares currently in issue. As at the balance sheet date, 3.21% of currently issued shares had been purchased.
The real estate market relies on a combination of long term and short term financing sources. As a result of the the credit crunch, the global economic situation has continued to deteriorate sharply and the availability of raising funds from the public and arranging bank loans have become increasingly difficult challenges. However, during the period, it is pleasing to report that Plaza has concluded several new loan agreements despite the limited availability of credit.
Financing was secured on the following projects:
• Suwalki and Zgorzelec located in Poland. The loan facility is for 80% of the project budget (and can be increased to 100% based on the leasing progress) for each project at €42.2 million and €35.1 million, respectively. We are delighted to have already made strong letting progress on these projects. They are already 51% and 63% let in terms of GLA.
• Miercurea Ciuc in Romania for 75% of the project budget, a loan of €19.9 million.
The Group continues to pursue a conservative financing policy to decrease its exposure to the liquidity crisis, with the level of gearing being 47% (debt to equity).
People
Over the last decade, the Company experienced impressive growth especially after its IPO in October 2006. As a result, the number of employees increased in line with the number of projects as well as additional staff hired to enable the Company to penetrate new markets such as India. However, in light of current market conditions and the resulting realignment of our strategy, we have taken steps to reduce the Company’s headcount, mainly in the CEE region.
Dividend policy
The basis of the Company’s stated dividend policy at the time of its IPO was to reflect the long-term earnings and cash flow potential of the Group, taking into account it’s capital requirements, while at the same time maintaining an appropriate level of dividend cover.
Given market conditions over the last twelve months, and as a material part of annual profits are from finance activities rather than realisation of real estate assets, the Board has taken the prudent step not to recommend the payment of a dividend for the year ended 31 December 2008, in order to preserve capital liquidity within the Company. The Board will continue to monitor overall market conditions, ongoing committed capital requirements of the Company, as well as expected future cash flow, before considering any future dividend payments.
Outlook
Given the extraordinary economic and financial market conditions worldwide, Plaza has undertaken a number of measures to ensure that the Company protects the interests of shareholders. This has included adopting a strategy and financing structure appropriate to the prevailing market conditions, which takes into account its ongoing capital requirements, as well as being able to make opportunistic acquisitions as appropriate.
We are particularly mindful of the impact of market conditions on investor demand in the regions in which we operate. We are, therefore, taking a cautious view on pipeline projects, which are expected to be delivered from 2010 and will keep the timing of the commencement of these schemes under regular scrutiny.
Given our strong financing position we are able to take a flexible position with regard to future development completions. Plaza is not in a position where it will have to execute forced sales of assets on completion. Until such a time when the investment market improves, we will use our experience gained over eight years of managing and running shopping malls effectively and efficiently to hold developed projects as income generating investments in our portfolio.
The current exceptional market conditions serve as the ultimate test for measuring a strong and well-managed company. Companies such as Plaza that want to take advantage of opportunities in the current market as the basis for their future growth must show their ability to adapt their strategies, readjust and reorganize existing projects and maximise liquidity and cash flow.
With this in mind, Plaza will not limit itself only to its traditional development business model and markets and to managing its existing holdings as investment assets, but will seek to acquire high yielding mature assets or invest in interesting new markets, such as the United States, where clear and sometimes exceptional opportunities may arise to enhance capital and income.
We therefore remain well placed to manage the business through this market downturn and remain confident in the Company’s excellent long term growth prospects.
Mordechay Zisser
Chairman
30 March 2009
CHIEF EXECUTIVE’S REVIEW
Over the last twelve months Plaza has maintained good progress across its development portfolio and delivered a strong financial performance.
For 2008 we are reporting profits of €68 million, resulting mainly from gains from the completion and handover of Plzen Plaza as well as a price adjustment on the sale of Arena Plaza and financial profits. As per the Company’s accounting policy, operational profits exclude accounting (IFRS) revaluation gains/losses.
The Plaza brand continues to be as important as ever, playing a crucial role in our ability to source opportunities, work closely with local authorities and communities on issues such as planning, securing financing for development of projects and sourcing tenants for our shopping centres. Through applying these same principles and our business model consistently, we have been able to achieve considerable success in all these activities.
2008 and the period since the year end have been active for Plaza across all areas of its business. Particular highlights include:
Exits: Handover of the interests in Plzen Plaza, Czech Republic to Klépierre;
Acquisition of development projects: Five new developments acquired in the most attractive markets and a joint venture agreement signed with Elbit for three existing mega projects in India;
Investments: Total gross investment in current projects and new pipeline in 2008 of €327 million
Financial strength and flexibility: Gross proceeds of approximately €153 million raised from a debenture issue to Israeli institutional investors between February and May 2008, providing significant additional financial flexibility. The Company has been granted a ilA/Stable updated rating by Standard & Poor Maalot and an updated rating of A2/Stable by the Israeli affiliate of Moody’s Investors services, Plaza's current cash balances stand at circa €170 million.
To date, Plaza has been involved in the development of 33 schemes in nine countries, of which seven are located in Romania, six in Poland, six in India, four in the Czech Republic, three in Hungary, three in Serbia, two in Bulgaria one in Latvia and one in Greece. In addition, Plaza owns three additional office buildings in Budapest, Prague and Bucharest.
The 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 summarised in the table below:
Asset/Project Location Nature of asset Size sqm (GLA) Plaza’s effective ownership
% Status (*)
Arena Plaza Extension Budapest, Hungary Office scheme 40,000 100 Under planning.
Construction will commence in 2010 - 2011; completion scheduled for 2012
Dream Island
(Obuda) Budapest, Hungary Major business and leisure resort 350,000 (GBA) (for rent and sale) 43.5 Initial excavation and archaeological works commenced; Staged completion
scheduled for 2012-2014.
Exclusive casino licence obtained
Uj Udvar Budapest, Hungary Retail and entertainment scheme 16,000 35 Operating, currently working on refurbishment plans
David House Budapest, Hungary Headquarters/Office 2,000 100 Operational office
Suwalki Plaza Suwalki, Poland Retail and entertainment scheme 20,000 100 Construction commenced in 2009; completion scheduled for 2010
Lodz Lodz, Poland Residential scheme 80,000
(GBA) 100 Under planning
Zgorzelec Plaza Zgorzelec, Poland Retail and entertainment scheme 13,000 100 Construction commenced in 2009; completion scheduled for 2010
Torun Plaza Torun, Poland Retail and entertainment scheme 44,000 100 Construction will commence in2010; completion scheduled for 2011
Kielce Plaza Kielce,
Poland Retail and entertainment scheme 33,000 100 Construction will commence in late 2010; completion scheduled for 2012
Leszno Plaza Leszno,
Poland Retail and entertainment scheme 16,000 100 Construction will commence in 2011; completion scheduled for 2012
Prague 3 Prague, Czech Rep. Office, for future residential use 61,600 (residential for sale) 100 Currently operational as an office building, re-zoning for future residential use is in progress, expected to be obtained in H2 2009
Opava Plaza Opava, Czech Rep. Retail and entertainment scheme 13,000 100 Construction will commence in 2011; completion scheduled for 2012
Liberec Plaza Liberec, Czech Rep. Retail and entertainment scheme 17,000 100 Construction started in 2007; Opened to public in March 2009
Roztoky Prague,
Czech Rep. Residential units 14,000 100 Construction will commence in 2011; completion scheduled for 2013
Casa Radio Bucharest, Romania Mixed use retail and leisure plus office scheme 600,000 (GBA including parking) 75 Construction commenced in 2007, completion scheduled during 2013; approval of the Urban technical commission has been obtained
Timisoara Plaza Timisoara,
Romania Retail and entertainment scheme 43,000 100 Construction will commence in 2010; completion scheduled for 2012
Miercurea Ciuc Plaza Miercurea Ciuc,
Romania Retail and entertainment scheme 14,000 100 Construction commenced in late 2008; completion scheduled for 2010
Iasi Plaza Iasi,
Romania Retail, entertainment and office scheme 62,000 100 Construction will commence in 2010; completion scheduled for 2012
Slatina Plaza Slatina,
Romania Retail, entertainment and residential 17,000 100 Construction will commence in 2010; completion scheduled for 2011
Hunedoara Plaza Hunedoara,
Romania Retail and entertainment scheme 13,000 100 Construction will commence in 2010; completion scheduled for 2011
Targu Mures Plaza Targu Mures,
Romania Retail and entertainment scheme 30,000 100 Construction will commence in 2010; completion scheduled for 2012
Palazzo Ducale Bucharest,
Romania Office 700 100 Operational
Belgrade Plaza Belgrade,
Serbia Hotel and business centre with a shopping gallery 70,000 (GBA) 100 Construction will commence in 2011; completion scheduled for 2013
Sport Star Plaza Belgrade,
Serbia Retail and entertainment scheme 45,000 100 Construction will commence in 2010; completion scheduled for 2012
Kragujevac Plaza Kragujevac,
Serbia Retail and entertainment scheme 24,500 100 Construction started in late 2008; completion scheduled for 2011
Shumen Plaza Shumen,
Bulgaria Retail and entertainment scheme 20,000 100 Construction will commence in 2010; completion scheduled for 2011
Plaza Sofia Business Center Sofia,
Bulgaria Retail, entertainment and office scheme 44,000 51 Construction will commence in 2010; completion scheduled for 2012
Riga Plaza Riga,
Latvia Retail and entertainment scheme 49,000 50 Construction commenced in 2007; opening 31 March
Helios Plaza Athens, Greece Retail and entertainment scheme 25,000 100 Construction will commence in 2010; completion scheduled for 2012
Koregaon Park Pune,
India Retail, entertainment and office scheme 111,000 (GBA) 100 Construction commenced in late 2007; expected completion in 2011
Kharadi Pune,
India Retail, entertainment, and office Scheme 205,000 (GBA) 50 Construction will commence in 2010; expected completion in 2012
Trivandrum
Trivandrum, India Retail, entertainment, office and apart-hotel scheme 195,000 (GBA) 50 Under planning
Bangalore Bangalore, India Mixed-use residential, offices, retail, hotel, hospital and other infrastructure 2,100,000 (GBA) 23.75 Under planning;
construction will commence in late 2010; completion scheduled for 2012-2017
Chennai Chennai, India Mixed-use residential, commercial, office and retail 1,100,000 (GBA) 38 Under planning;
construction will commence in late 2010; completion scheduled for 2012-2015
Kochi Island Kochi, India Mixed use residential, science park, retail, hospitality, infrastructure and marina 575,000 (GBA) 23.75 Under planning
(*) all completion dates of the projects are subject to securing external financing.
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