Elbit Imaging Ltd (EMITF)

[midastouch017]

Elbit Imaging Announces that its Subsidiary, Plaza Centers Opened Belgrade Plaza to the Public

TEL AVIV, ISRAEL / ACCESSWIRE / April 21, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE, NASDAQ: EMITF) announced today, that Plaza Centers N.V. ("Plaza") (PLAZ.L), an indirect subsidiary (45%) of the Company, has successfully opened Belgrade Plaza shopping center to the public, yesterday, 20 April. The completed center is 97% let and expected to be fully leased in the coming months. Belgrade Plaza is the 34th shopping center built by Plaza and its second scheme in Serbia.

As previously announced, one of Plaza's subsidiaries signed a binding share purchase agreement with BIG Shopping Centers Ltd., a publicly traded company listed in the TA 35 Index (the top 35 companies traded on the Tel Aviv Stock Exchange) (the "Purchaser"), for the sale of the Belgrade Plaza shopping and entertainment center.

In line with the agreement with the Purchaser, Plaza will receive Euro 2 million for fulfilling its conditions around the successful opening of the center.

In line with Plaza's stated amended restructuring Plan, 75% of the net proceeds will be distributed to Plaza's bondholders. Future proceeds are expected subject to conditions being met, details of which can be found in the completed sale announcement, dated 2 March 2017.