Plaza Centers has signed a preliminary sale agreement to dispose a 1.8ha plot in the city center of Leszno, in a deal valued at €810,000. The transaction is expected to close as soon as the seller secures a construction permit, which is expected to take no longer than eight months. The transaction will allow Plaza Centers to release the mortgage on the loan, while bringing in €230,000 in the first eight months, and another €580,000 in the next twelve months. Upon the receipt of each installment, in line with the company’s stated restructuring plan, 75 percent of the net cash proceeds will be distributed to Plaza’s bondholders in the following quarter.
