Elbit Medical to sell Arena Plaza for €400 mln

Pharma

Plaza centers NV is to sell Arena Plaza (under construction - near Keleti railway station and Népstadion) to Active Asset Investment Management.

An Israeli property investment and health care company, Elbit Medical Imaging Ltd., said Tuesday its subsidiary sold a shopping and entertainment center located in Budapest, to UK-based Active Asset Investment Management for up to € 400 million ($550 million). Based on rent levels it can get for the property, Elbit Medical's subsidiary Plaza Centers NV estimates the final sales price between €380 - €400 million ($525 - $550 million).

Plaza Centers will continue leasing the center for up to one year after the closing. Developed by Plaza Centers, the property is Hungary's largest shopping and entertainment center with 220 stores. The center is expected to open in the autumn 2007. The final sales price of the center, known as Arena Plaza, will be determined by the closing of the transaction, which is expected to occur within a month of the center's opening date. (moneycentral.msn)

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