Plaza Centers is offloading Liberec Plaza, a shopping and entertainment center the developer operates in Liberec, North Bohemia. Plaza agreed to sell the struggling project it refurbished into a large Dino park a few years ago for €9.5m as part of its restructuring. The undisclosed buyer has deposited 15 percent of the price in escrow, subject to the deal’s completion, which is expected by the end of March. The sale follows a purchase of the project loan last September by PCE, a Plaza subsidiary, for €8.5m. After the sale is completed, PCE will get the €8.5m of the €9.5m sale price, with 75 percent of the remaining proceeds to be distributed to the Plaza bondholders at the end of June in line with the company’s restructuring plan.
