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Elbit Imaging Subsidiary, Plaza Centers Announced on an Acquisition of Loan to Control Liberec Plaza in the Czech Republic

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Elbit Imaging Ltd. (NASDAQ: EMITF) announced today that Plaza Centers N.V. ("Plaza") (LSE:PLAZ) an indirect subsidiary of the Company, has announced that its wholly owned subsidiary has won a tender to buy the loan in respect of the Liberec Plaza commercial centre in the Czech Republic.

The €20.4 million bank loan was granted by two commercial banks which Plaza has agreed to buy for €8.5 million, reflecting a discount of 58%. The closing of the transaction is subject to the approval of the Hungarian National Bank (as one of the lending banks is Hungarian) which is expected to be received by the end of October 2015.

Plaza expects to record a profit from this transaction of approximately €12 million in its financial statements for the second half of 2015. Plaza expects that the mall will deliver a net operating income of approximately €850,000 in 2015, which would reflect a yield of approximately 10% on the loan purchase price.

See full press release

 

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