Re Joint Venture

Plaza Centers N.V.
26 February 2007

26th February 2007





        PLAZA CENTERS MAKES INDIA DEBUT WITH TWO JOINT VENTURE PROJECTS





Plaza Centers N.V. ('Plaza' or the 'Company'), a leading emerging markets
property developer, today announces that it has, through  its two wholly owned
subsidiaries, acquired two joint venture projects in India.



  • In the first transaction, Plaza has acquired a 50 per cent stake in an
    Indian limited liability company ('JV1'), which owns the freehold of
    approximately fourteen acres of land situated in the Kharadi district of
    Pune, Maharashtra State, India. The remaining fifty per cent of the stake of
    JV1 is held by a leading property developer in Pune.



JV1 intends to develop its plot of land through the construction of a project
totalling approximately 2.4 million sq ft (225,000 sq m) which will include:



      • a shopping centre with a total area of approximately 1.3 million sq ft
        (approximately 120,000 sq m);
      • an office complex measuring approximately 870,000 sq ft (approximately
        81,000 sq m) and;
      • a serviced apartment facility of approximately 260,000 sq ft
        (approximately 24,000 sq m).



The total investment in the project is anticipated to be approximately $175
million (approximately £90 million).



  • In a second transaction, Plaza has acquired a 100 per cent shareholding
    from its controlling shareholder, Elbit Medical Imaging Ltd. ('EMI') of a
    subsidiary company which holds a 50 per cent interest in another Indian
    private limited liability company ('JV2'). The remaining 50 per cent
    interest in JV2 is controlled by another of Pune's leading property
    developers.  Plaza will repay EMI its original investment of Rs. 440,000,000
    (approximately £5.1 million) in the project plus preliminary development
    costs which are not to exceed 5% of the investment.



JV2 owns a plot of land measuring approximately six acres located in Koregaon
Park, an up-market area of Pune. JV2 plans to construct a mixed-use scheme with
a total area of 1,180,000 sq ft (approximately 107,000 sq m) which will
comprise:



      • a shopping centre with an estimated area of  830,000 sq ft
        (approximately 75,500 sq m);
      • an office building estimated at 350,000 sq ft (approximately 32,00 sq
        m).



The total investment in the project is expected to be approximately $90 million
(approximately £46.2 million).





Commenting, Ran Shtarkman, the CEO of Plaza Centers, said:


'We are pleased to have acquired our first strategic development projects in
India. These mark an important step in establishing Plaza Centers' presence in
India and confirm the intention stated in our Prospectus to expand our
activities beyond Central and Eastern Europe. We look forward to bringing
further transactions in India to fruition for our investors.'



                                    - ENDS -



For further details please contact:


Plaza

Mordechay Zisser                                                     [phone]

Ran Shtarkman                                                        [phone]


Financial Dynamics                                                   [phone]

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