Israeli company BIG Shopping Centres buying Belgrade Plaza in Karaburma

The Dutch company Plaza Centers reported that it had signed a binding contract on the sale of its shopping and entertainment center in Belgrade, Belgrade Plaza, to the Israeli company BIG Shopping Centres, as reported by the Alliance News portal.

Following the completion of the sale, which is expected to take place in February, Plaza will, as reported, receive the first advance payment of around EUR 28 million, and further payments will follow.

BIG Shopping Centres, which lists at the Tel Aviv Stock Exchange, will secure a guarantee for further payments, Plaza reported.

As reported, the final agreed value of the Belgrade Plaza shopping mall will be calculated based on the general capitalization rate of 8.25%, as well as the sustainable net operating profit after 12 months of operations, which will range between EUR 7.2 and 7.5 million a year, according to Plaza’s estimates.

More than 90% of the business premises of the Belgrade Plaza shopping mall, which should open in April 2017, has already been leased.

Plaza Centers has drawn down a line of credit in a bank for the development of the Belgrade Plaza project in the maximum amount of EUR 42.5 million.

Plaza specializes in construction, governance and leasing shopping and entertainment centers throughout Central and Eastern Europe, the article says.