Tuesday, Elbit Imaging Ltd. (EMITF) announced that its unit, Elbit Plaza USA, L.P. a real estate investment venture jointly formed by Elbit and its subsidiary, Plaza Centers N.V. (PLAZ.L), has entered into a framework and co-investment agreement with Eastgate Property LLC, an affiliate of NCH Capital Inc., an established U.S. based international real estate fund manager.
Under the agreement, the parties have committed to co-invest in equal portions a combined $200 million with a U.S. real estate investment fund that will be jointly established by the parties with outside investors and which will focus on investments in the U.S. retail and commercial real estate sectors.
Dudi Machluf, Chief Executive Officer,Co-CEO, said, "Elbit Imaging and Plaza Centers believe that the current financial crisis in the U.S. and specifically in the real estate market has created a unique opportunity to acquire interests in high quality operating properties generating net operating income at very attractive valuations not seen in the recent past, with a unique potential for significant appreciation.
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