RNS Number:9635M
Plaza Centers N.V.
30 November 2006

30 November 2006





                   PLAZA CENTERS RECEIVES FINAL APPROVAL FOR

                           MEGA PROJECT IN BUCHAREST



Plaza Centers N.V. ("Plaza" or the "Company") is pleased to announce the
acquisition of a 75% interest in a company which has entered into a
public-private partnership agreement with the Government of Romania to develop
the approximately US$1 billion Casa Radio (Dambovica) scheme in Bucharest, the
largest development plot available in the city centre.  The Romanian Government
will remain a 15% partner in the scheme.


The acquisition, which was described in the Company's IPO prospectus, is a
further demonstration of Plaza's leading position in the CEE region.


The Casa Radio development sits on a 9.195 hectare (22.7 acre) site located in
central Bucharest, incorporating a large area of the Bucharest city centre.
Gara de Nord, the city's main railway station is nearby as well as the adjacent
Eroilor Metro Station and a number of trolley bus services which serve the site.


The development of Casa Radio comprises approximately 360,000sqm, including:


A 132,000sqm shopping mall and leisure centre (one of the largest in Europe),
residential area, hotel, casino, hypermarket, convention and conference hall.
Furthermore, two 135 metre tall towers of 53,000sqm each, which once completed,
will be among the tallest buildings in Bucharest.


Plaza will begin construction at the start of 2007. The development will confirm
Bucharest's position among the major and diverse cities in Europe and is a
significant addition to Plaza's mega, strategic development projects, such as
the large gambling and leisure resort on Dream Island in Budapest and the mega
Arena Plaza shopping centre which comprises 200,000sqm of build area.


Commenting on the deal, Ran Shtarkman, CEO, Plaza Centers N.V. said:


"We are delighted to have received approval from the Romanian Government to
develop this landmark scheme in the heart of Bucharest. The conclusion of this
agreement marks a significant step in the growth of Plaza Centers as a public
company."



                                    - ENDS -



For further details please contact:


Plaza

Mordechay Zisser                                                     +972 3 608 6000

Ran Shtarkman                                                        +36 1 462 7221


Financial Dynamics                                                   +44 20 7831 3113

Stephanie Highett/ Dido Laurimore/ Adam Leviton



Notes to Editors



Plaza Centers is a leading emerging markets developer of shopping and
entertainment centres, focusing on constructing new centres and, where there is
significant redevelopment potential, redeveloping existing centres, in both
capital cities and important regional centres. The Company is an indirect
subsidiary of Elbit Medical Imaging Ltd. ("EMIL"), an Israeli public company
whose shares are traded on both the Tel Aviv Stock Exchange in Israel and the
NASDAQ Global Market in the United States.


Plaza Centers is a member of the Europe Israel Group of companies which is
controlled by its founder, Mr Mordechay Zisser.  It has been present in real
estate development in emerging markets for over 10 years.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

ACQEAAFNADPKFAE
Plaza Centers N.v (LSE:PLAZ)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Plaza Centers N.v Charts.
Plaza Centers N.v (LSE:PLAZ)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Plaza Centers N.v Charts.