Business
Update on US Joint Venture
Update on US Joint Venture.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n RNS Number : 5986N Plaza Centers N.V. 15 June 2010 \n \n\n15 June 2010\n \nELBIT PLAZA USA RAISES AN ADDITIONAL $27 MILLION IN CAPITAL COMMITMENTS FROM MENORA MIVTACHIM INSURANCE FOR EPN REAL ESTATE FUND, LP \n \nPlaza Centers N.V. (\"Plaza\" or the \"Company\") announces that Elbit Plaza USA, L.P. (\"Elbit Plaza USA\"), a real estate investment venture jointly formed by Plaza and its parent company Elbit Imaging Ltd (\"Elbit\"), and its partner Eastgate Property LLC (\"Eastgate\") have successfully raised from Menora Mivtachim Insurance Ltd. (\"Menora\"), and certain of Menora's affiliates, $27 million of capital commitments to be invested in EPN Real Estate Fund, LP (the \"Fund\"). \n \nThe total aggregate amount of capital commitments that has been raised for the Fund to date now totals $227 million, of which Elbit Plaza USA's co-investment into the Fund comprises US$ 100 million, split equally between Elbit and Plaza.\n \nThe Fund was launched in February this year to take advantage of real estate opportunities in the US, primarily in the retail sector. In April, the Fund announced its first investment, the acquisition of a stake in Macquarie DDR Trust, an Australian publicly traded property trust, which holds and manages two US REIT portfolios totalling 78 retail properties. The Fund has a targeted size of $400 million in capital commitments.\n \nRan Shtarkman, President and CEO of Plaza Centers, said:\n \n\"The investment by Menora, one of Israel's leading insurance companies, in our real estate fund reflects its belief in our ability to take advantage of the many opportunities in the US real estate market and its confidence in the Fund's ability to create significant capital and income value growth for its investments, by applying Plaza and Elbit's expert asset management skills and experience of the retail sector.\n \n\"We continue to seek additional equity partners for the Fund and have seen strong interest from a number of other Israeli and international institutions, as we aim to reach a target of US$400 million of committed equity.\"\n \n\n\n\n\nPlaza\nMordechay Zisser, Chairman\nRan Shtarkman, President and CEO\nRoy Linden, CFO\n\n\n \n+972 3 6086000\n+36 1 462 7221\n+36 1 462 7105\n\n\n\n\n \nFinancial Dynamics \nStephanie Highett/Laurence Jones\...