Elbit Imaging: 6 million GBP sale of PPHE Hotel Group’s shares
TEL AVIV, Israel - Elbit Imaging Ltd.
TEL AVIV, Israel – Elbit Imaging Ltd. announced today that its wholly-owned subsidiary entered into a transaction for the sale of 1.7 million shares of PPHE Hotel Group for a net consideration of GBP 6.0 million (approximately NIS 35.1million; US$10.2 million). The transaction’s settlement date is expected to occur at July 8, 2014.
Elbit Imaging Ltd. operates in the following principal fields of business: Commercial and Entertainment Centers – Initiation, construction and sale of shopping and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India, primarily through its subsidiary Plaza Centers N.V.
In certain circumstances and depending on market conditions, we operate and manage commercial and entertainment centers prior to their sale; Hotels – Hotel operation and management; Medical Industries –
(a) research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment and
(b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine;
Residential Projects – Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in India; Fashion Apparel – Distribution and marketing of fashion apparel and accessories in Israel.