EPN Group Completes a Tender Offer for EDT Retail Trust Increasing Its Investment to $360 Million

SKOKIE, Ill., Aug. 1, 2011 /PRNewswire/ -- On July 14, EPN Holdings II LLC ("EPN Holdings", together with EPN GP, LLC: "EPN"), a Skokie, Illinois based real estate investment venture, completed a tender offer (the Offer) for all the units in the  EDT Retail Trust ("EDT") not already held by EPN.

As a result of the purchases of EDT's units during the Offer period, EPN has increased its interest in EDT from 47.8% to approximately 96.4%.  EPN ultimately plans to compulsorily acquire the remaining EDT units under the terms of the Offer.  Following compulsory acquisition of the remaining EDT units, EPN will become the holder of 100% of the outstanding units of EDT and it is expected that EDT will be removed from the official list of the Australian Stock Exchange shortly thereafter. Following the completion of the takeover bid, EPN's equity investment in EDT Retail Trust is approximately US 360 million.

EDT is a real estate investment trust (REIT) focused on investing in U.S. community shopping centers.  It currently owns 48 assets in 20 states covering 10.9 million square feet.

Alex Berman, EPN's Chief Executive Officer, commented "We are excited to significantly increase our investment in EDT Retail, comprising high quality, well managed portfolio of retail assets with an outstanding line up of tenants.  This is an important step in fulfilling EPN's investment strategy in the U.S."

EPN is a real estate investment venture jointly formed by Elbit Plaza USA, L.P., a subsidiary of Elbit Imaging Ltd. (NASDAQ: EMITF) and Plaza Centers N.V. (LSE: PLAZ) (WSE:PLAZ/PLAZACNTR), and Eastgate Property LLC, an affiliate of an established U.S. based international fund manager with assets under management of over US 3 billion, of which approximately $800 million are dedicated to real estate.  EPN was formed to take advantage of retail real estate opportunities in the US through direct acquisitions and joint venture with leasing real estate operators and owners of relevant assets/portfolios.

SOURCE EPN