Elbit Plaza USA's Entry Into the U.S. Real Estate Market

Target to Invest up to US$ 1 Billion, Mainly in Retail Properties and Ventures

NORTHBROOK, Illinois, November 30 /PRNewswire-FirstCall/ -- Elbit Plaza USA, a real estate investment venture, jointly formed by Elbit Imaging Ltd. (NASDAQ: EMITF) ("Elbit") and Plaza Centers N.V. (LSE: PLAZ) (WSE: PLAZ/PLAZACNTR) ("Plaza Centers"), announces the entry into the U.S. real estate market and the appointment of senior real estate executive Alex Berman as Chief Executive Officer.

Elbit Plaza USA intends to develop one or more dedicated U.S. real estate investment platforms in order to take advantage of currently existing real estate opportunities in the United States, mainly in the retail sector, through making direct acquisitions and creating joint ventures with leading real estate operators. Elbit Plaza USA is in the process of raising a fund totaling US$ 400 million, with Elbit and Plaza each committing a substantial amount of seed equity towards the investment program. This will enable Elbit Plaza USA to fund property acquisitions valued up to US$ 1 billion.

Elbit and Plaza believe that current dislocation in the U.S. financing and real estate markets has created a unique opportunity to acquire interests in high quality operating properties generating existing income at very attractive valuations, not seen in the recent past, with attractive cash-on-cash returns. Furthermore, Elbit Plaza USA believes that, as global and U.S. markets recover, it should be well positioned to deliver significant value on its investments.

As Chief Executive Officer of Elbit Plaza USA, Mr. Berman is responsible for its strategy, investment activities and operations. He has over 25 years of management, investment, finance and business development experience in the United States and internationally. Prior to joining Elbit Plaza USA, Mr. Berman served as an executive with General Growth Properties, Inc. ("GGP"), one of the largest U.S. mall owners, developers and operators, where he initiated and led GGP's international expansion as Head of GGP International and previously served as GGP's Senior Vice President of Capital Markets and Finance.

About The Elbit Group

Elbit Imaging Ltd. is a public limited liability company whose shares are traded both on the NASDAQ Global Select Market (NASDAQ: EMITF) and on the Tel Aviv Stock Exchange. The Company is a dynamic, ever-growing conglomerate with specialty in real estate and other entrepreneurial investments. Elbit strives to create shareholder's value by investing in high growth initiatives.

Through our subsidiary, Plaza Centers N.V., whose shares are traded on the main listing of the London Stock Exchange (LSE: PLAZ) and on the Warsaw Stock Exchange (WSE: PLZ/PLAZACNTR), the Company engages in various activities including construction, operation, management and sale of shopping and entertainment centers in Central and Eastern Europe and in India. Plaza Center's focus is on the construction of new commercial and entertainment centers in emerging markets as well as acquiring existing properties with potential for significant appreciation in strategically located cities and developing regions.

For more information on Elbit and Plaza Centers visit http://www.elbitimaging.com and http://www.plazacenters.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

    For further information, please contact:
    Elbit Plaza USA, L.P.
    Mr. Alex Berman
    Chief Executive Officer
    707 Skokie Boulevard,
    Suite 600
    Northbrook, IL 60062,
    U.S.A.
    Phone: +1-312-915-0690
    aberman@elbitplazausa.com

SOURCE Elbit Plaza USA L.P.