Receipt of proceeds

Plaza Centers N.V.
22 January 2008

22 January 2008


        PLAZA CENTERS RECEIVES EUR 381 MILLION GROSS CASH PROCEEDS FROM
                        THE SALE OF ARENA PLAZA, HUNGARY


Plaza Centers N.V. ('Plaza Centers' or 'the Company'), a leading emerging
markets property developer, today announces that it has received gross proceeds
of approximately €381 million in consideration for the sale of the Arena Plaza
shopping and entertainment centre in Budapest to UK based Active Asset
Investment Management ('aAIM'), one of the UK's fastest growing commercial
property investment groups.


As first announced to shareholders on 7 August 2007, Arena Plaza was pre-sold to
aAIM. The transaction was consummated on 18 December 2007, with effect from 30
November 2007, at a completion value totalling approximately €381 million. The
net cash consideration received by Plaza after settlement of outstanding
liabilities was approximately €248 million.


With 66,000 square metres of lettable area, Arena Plaza is Hungary's largest
shopping and entertainment centre. The Arena Plaza was 100% let to international
and local tenants on its opening to the public on 15 November 2007.


Commenting on the transaction, Ran Shtarkman, President and CEO of Plaza Centers
N.V., said:


'Arena Plaza is one of the largest and most prestigious shopping and
entertainment centres in Central and Eastern Europe and the quality, size and
design of this project has set new standards for the region as a whole. By
developing what is, as of today, Hungary's largest shopping centre, Plaza has
provided Hungary with an exciting new commercial centre in central Budapest and
a compelling destination for national and international tenants and visitors.
Amongst the international anchor tenants of the Centre are Tesco, the Inditex
Group and the giant German retailer, Peek & Cloppenburg, which has chosen Arena
Plaza as the site to launch its first Mega Store in Hungary.  Additionally, the
centre has other major and well known retailers such as H&M, Electro World,
Hervis and C&A and a 23-screen Cinema City complex, which includes Hungary's
first IMAX theatre.


'Our ability to develop Arena Plaza on time, within budget, and 100% let on
opening to key international and local tenants clearly demonstrates the real
strength in construction and leasing operations which forms the backbone of the
Company's expertise.  It is this proven track record of delivering high quality
shopping and entertainment destinations in emerging markets that continues to
attract property investors to our developments, with the resulting disposals
ensuring we achieve our strategy to deliver strong shareholder returns.  Arena
Plaza is also an excellent example of Plaza Centers' strategic mega projects,
such as the large leisure resort on Obuda Island in Budapest, and the Casa Radio
landmark scheme in the heart of Bucharest which comprises more than 600,000 sq m
of built area.


'The completion value of the Arena Plaza totalling approximately €381 million,
is considerably higher than its estimated value of approximately €333 million at
the time of the Company's Admission to trading on the London Stock Exchange in
October 2006. We are delighted to have achieved a significantly higher market
value for the Arena Plaza than stated in the Company's Admission Document and
thereby realised significant additional value for our shareholders in both the
UK and Poland.


'The significant cash consideration received for Arena Plaza, which has been
secured since August 2007 by an irrevocable bank guarantee, will be used to help
drive our ongoing plans for growth as well as investing in our current projects
which are under development'.



For further details please contact:


Plaza

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 undertaken real estate
development in emerging markets for more than 11 years.



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