TEL AVIV, Israel, May 13, 2015 /PRNewswire/ --
Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) ("Elbit" or the
"Company") announced today that its 44.9% owned subsidiary,
Plaza Centers N.V. ("Plaza" or the "Company") (LSE: PLAZ, WSE:
PLZ/PLAZACNTR), announced that it has reached an agreement to sell
Koregaon Park Plaza, the retail, entertainment and office scheme
located in Pune, India for
approximately €35 million (approximately US$
39 million, 2,500 million INR), consistent with the asset's
last reported book value. The net cash proceeds (after repayment of
the related bank loan, other liabilities and transaction costs)
from the sale will be c. €7.2 million (approximately US$ 8 million, 516.5 million INR).
The transaction is subject to the satisfaction of certain
closing conditions which are expected to be fulfilled within one
month.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following principal fields of
business: (i) Commercial and Entertainment Centers - Initiation,
construction and sale of shopping and entertainment centers and
other mixed-use real property projects, predominantly in the retail
sector, located in Central and Eastern
Europe and in India,
primarily through its subsidiary Plaza Centers N.V. In certain
circumstances and depending on market conditions, we operate and
manage commercial and entertainment centers prior to their sale;
(ii) Hotels - Hotel operation and management; (iii) Medical
Industries - (a) research and development, production and marketing
of magnetic resonance imaging guided focused ultrasound treatment
equipment and (b) development of stem cell population expansion
technologies and stem cell therapy products for transplantation and
regenerative medicine; and (iv) Residential Projects - Initiation,
construction and sale of residential projects and other mixed-use
real property projects, predominately residential, located
primarily in India.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Any forward-looking statements in our releases include
statements regarding the intent, belief or current expectations of
Elbit Imaging Ltd. and our management about our business, financial
condition, results of operations, and its relationship with its
employees and the condition of our properties. Words such as
"believe," "would," "expect," "intend," "estimate" and similar
expressions are intended to identify forward-looking statements but
are not the exclusive means of identifying such statements. Actual
results may differ materially from those projected, expressed or
implied in the forward-looking statements as a result of various
factors including, without limitation, the failure to consummate
the sale of the asset and the factors set forth in our filings with
the Securities and Exchange Commission including, without
limitation, Item 3.D of our annual report on Form 20-F for the
fiscal year ended December 31, 2014,
under the caption "Risk Factors." Any forward-looking statements
contained in our releases speak only as of the date of such
release, and we caution existing and prospective investors not to
place undue reliance on such statements. Such forward-looking
statements do not purport to be predictions of future events or
circumstances, and therefore, there can be no assurance that any
forward-looking statement contained our releases will prove to be
accurate. We undertake no obligation to update or revise any
forward-looking statements.
For Further Information:
Company Contact:
Ron Hadassi
Chairman of the Board of Directors
Tel: +972-3-608-6048
Fax: +972-3-608-6050
ron@elbitimaging.com
SOURCE Elbit Imaging Ltd.