Elbit Imaging Ltd (EMITF)

[midastouch017]

Elbit Imaging Announces Consumation Of Two Transactions By Plaza's Centers N.V.

TEL AVIV, ISRAEL / ACCESSWIRE / October 2, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE, NASDAQ: EMITF) announced today that its subsidiary, Plaza Centers N.V. ("Plaza"), announced the consummation of two transactions, as follows:

Plaza has received the final payment of €1,000,000 for the sale of the MUP plot in Belgrade, Serbia. The final payment comprises the €400,000 purchase price for the asset, together with an additional €600,000 which had been conditional upon the purchaser receiving development rights for the plot of at least 69,000 sqm above ground.

Plaza has also concluded the transaction with an international investor, NEPI Rockcastle (the "Buyer"), on the termination of land use right registered in favour of Kerepesi 5 Irodaépület Kft, Plaza subsidiary ("K5") in respect of a ca. 21,788 sqm plot in Budapest, Hungary. Simultaneous with the termination of the land use right, the parties also terminated the preliminary easement agreement which created certain easement rights in favour of K5 over the Arena Plaza plot. The termination of the land use right and the termination of the easement became effective from 28 September 2017. In consideration for termination of the land use right and the preliminary easement agreement, K5 received the net sum of €2,500,000.