As a part of restructuring process for the center, an undisclosed bank has taken over Zgorzelec Plaza retail center in Poland from Plaza Center. The Debt Repayment Agreement has already been signed with the lender, clearing the way for the developer to remove a mortgage over the asset, while releasing €23m of the outstanding (and partial recourse) loan resulting in an accounting profit of roughly €10m profit. The property is being valued at €12m.
Under the terms of the Debt Repayment Agreement signed this summer, Plaza Centers had until Sept. 15 to secure a strategic investor for the center. Once it failed to attract a potential buyer, the bank selected an undisclosed shareholder to take control over the asset.
