Acquisition

Plaza Centers N.V.
12 December 2007

12 December 2007



       PLAZA CENTERS ACQUIRES THIRD RETAIL DEVELOPMENT PROJECT IN SERBIA

Plaza Centers N.V. ('Plaza Centers' or 'the Company'), a leading emerging
markets property developer, today announces that it has acquired a retail
development project in Belgrade, Serbia.  The estimated development budget for
the project is €105 million.



The development, which occupies a plot of 30,000 sqm, will provide a 40,000 sqm
(gross lettable area) shopping and entertainment centre. It is located on one of
the main roads leading into the centre of Belgrade, with an estimated catchment
area of approximately 400,000 local residents. The site also has the potential
for additional residential and office development as part of the shopping and
entertainment centre.  The Company will consider integrating these elements in
its plans.



This development is Plaza Centres' third development in Serbia, since it entered
the market earlier this year. Plaza announced in August 2007 that it had won a
competitive tender from the Government of Serbia for the development of a new
shopping, entertainment and business centre with a total built up area of circa
100,000 sqm in Belgrade. In November 2007 the Company announced that it has
entered into an agreement to secure a circa 24,000 sqm plot in Kragujevac for
the development of a 35,000 sqm shopping and entertainment centre.



Commenting on the acquisition, Ran Shtarkman, President and Chief Executive
Officer of Plaza Centers, said:

'This development, our second in Belgrade, will provide the city with another
exciting new shopping and entertainment destination.  We look forward to
welcoming a range of high quality retail and commercial tenants to the centre.



'In acquiring our third development project in Serbia in only four months, we
are demonstrating our firm belief in the exciting prospects for the region. The
economic growth in Serbia will encourage strong demand for large-scale, mixed
use developments from commercial occupiers and visitors. We see plenty of
opportunity to use our specialist development expertise gained over many years
of successful development across Central and Eastern Europe and, in so doing,
deliver on our strategy of value creation both for our clients and our
shareholders.'





For further details please contact:

Plaza Centers
Mordechay Zisser, Chairman                                  [phone]
Ran Shtarkman, President and CEO                             [phone]
Roy Linden, CFO                                              [phone]

Financial Dynamics                                         [phone]
Stephanie Highett / Laurence Jones











Notes to Editors

Plaza Centers N.V. (www.plazacenters.com) is a leading emerging markets
developer of shopping and entertainment centres.  It focuses 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 dual listed on the Main Board of the London Stock Exchange and, as of
19 October 2007, the Warsaw Stock Exchange (LSE:'PLAZ', WSE: 'PLZ/PLAZACNTR').
Plaza Centers N.V.  is an indirect subsidiary of Elbit Imaging Ltd. ('EIL'), 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 11 years.






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