TEL AVIV, Israel , July 31 /PRNewswire-FirstCall/ -- Elbit Imaging Ltd. (Nasdaq: EMITF) ('EI' or the 'Company'), today announces that it's subsidiary, Plaza Centers N.V. (LSE: PLAZ) (WSE: PLAZ/PLAZACNTR) ('Plaza'), a leading emerging markets property developer in Central and Eastern Europe and in India , announced today that it has formally completed the successful handover of Plzen Plaza Shopping and Entertainment Center ('Plzen Plaza') to Klepierre SA ('Klepierre'), a leading French property group.
Plzen Plaza is located in the city of Plzen, which is the 4th largest city in the Czech Republic , having a catchment area of over 300,000 inhabitants. On its opening to the public in December 2007 , Plzen Plaza was 100% let to international and local tenants, and was pre-sold to Klepierre in July 2005 .
Due to the fact that the rental levels and market conditions experienced in the Czech Republic were stronger than anticipated at the time that the pre-sale agreement with Klepierre was signed in 2005, the actual closing consideration of Euro 61.4 million was significantly higher than the value of Euro 42.8 million which was estimated at the time the pre-sale agreement signed with Klepierre, representing a 43% increase in value.
The gains from the sale of Plzen Plaza will be included in the Company's the 2008 second quarter results.
About Elbit Imaging Ltd.
The following is a summary of the principal fields of our businesses: (i)Shopping and Entertainment Centers -- Initiation, construction, operation, management and sale of shopping and entertainment centers and other mixed-use projects in Central and Eastern Europe and in India . (ii) Hotels -- Hotel ownership, operation, management and sale, primarily in major European cities. (iii) Image Guided Treatment -- Investments in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment. (iv) Other Activities -- Other activities consisting of (a) investments in real estate assets in India designated for residential projects and other mixed-use projects; (b) the distribution and sale of fashion retail in Israel ; and (c) venture-capital investments. Other activities also include investments in hospitals and farm dairy plant which are in preliminary stages.
Any forward-looking statements with respect to EI's business, financial condition and results of operations included in this release are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements, including, but not limited to, unexpected results of litigation proceedings, ability to find suitable locations, receipt of approvals and permits for zoning and construction, delays in construction, dependency on partners in the hotels business, competition, risks relating to operations in Eastern Europe and Asia (including India ) and risks relating to our image guided treatment, economic conditions, as well as certain other risk factors which are detailed from time to time in EI's filings with the Securities and Exchange Commission including, without limitation, Annual Report on Form 20-F for the fiscal year ended December 31, 2007 , filed with the Securities and Exchange Commission on June 30, 2008 and as amended on July 2, 2008 .
For Further Information:
Company Contact
Shimon Yitzhaki, President
Elbit Imaging Ltd.
(972-3) 608-6000
syitzhaki@elbitimaging.com
Dudi Machluf, CFO
Elbit Imaging Ltd.
(972-3) 608-6024
dudim@elbitimaging.com
Investor Contact
Leslie Wolf-Creutzfeldt
The Global Consulting Group
1-646-284-9472
lcreutzfeldt@hfgcg.com
SOURCE Elbit Imaging Ltd.
