Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) subsidiary Elbit Plaza USA LP has raised $27 million from Menorah Mivtachim Holdings Ltd. (TASE: MORA), which the company will invest in its EPN Real Estate Fund LP.
Elbit Plaza USA is a joint venture of Elbit Imaging, its subsidiary Plaza Centers NV (LSE:PLAZWSE:WLZ) and Eastgate Property LLC set up to invest in income-producing property in the US through EPN. EPN currently has $227 million for investment, out of a target of $400 million.
Elbit Imaging co-CEO Dudi Machluf said, "We are happy to announce the investment by Menorah, one of Israel’s leading insurance companies, in our real estate fund which focuses on investments in the US retail and commercial real estate sectors. Menorah’s investment in the fund is an expression of confidence in the opportunities offered by the fund. We intend to seek additional Israeli and international partners for the fund. We expect that the MDT deal, previously announced, will serve to encourage additional North American real estate opportunities that meet the fund’s investment profile."
Elbit Imaging's share price rose 8.4% on Nasdaq yesterday to $13.70, giving a market cap of $349 million, and rose 3.2% in morning trading on the TASE today to NIS 54.77.Menorah's share price fell 0.6% to NIS 45.93, giving a market cap of NIS 2.92 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on June 15, 2010
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