Elbit Imaging Announces Plaza Centers' Completion of Handover of the Plzen Plaza...

Elbit Imaging Announces Plaza Centers' Completion of Handover of the Plzen
Plaza Shopping and Entertainment Centre To Klepierre

TEL AVIV, Israel, July 31 /PRNewswire-FirstCall/ -- Elbit Imaging Ltd.
(Nasdaq: EMITF) ("EI" or the "Company"), today announces that it's subsidiary,
Plaza Centers N.V. (LSE: PLAZ) (WSE: PLAZ/PLAZACNTR) ("Plaza"), a leading
emerging markets property developer in Central and Eastern Europe and in
India, announced today that it has formally completed the successful handover
of Plzen Plaza Shopping and Entertainment Center ("Plzen Plaza") to Klepierre
SA ("Klepierre"), a leading French property group.
Plzen Plaza is located in the city of Plzen, which is the 4th largest city
in the Czech Republic, having a catchment area of over 300,000 inhabitants. On
its opening to the public in December 2007, Plzen Plaza was 100% let to
international and local tenants, and was pre-sold to Klepierre in July 2005.
Due to the fact that the rental levels and market conditions experienced
in the Czech Republic were stronger than anticipated at the time that the
pre-sale agreement with Klepierre was signed in 2005, the actual closing
consideration of Euro 61.4 million was significantly higher than the value of
Euro 42.8 million which was estimated at the time the pre-sale agreement
signed with Klepierre, representing a 43% increase in value.
The gains from the sale of Plzen Plaza will be included in the Company's
the 2008 second quarter results.
Shimon Yitzhaki, President and CEO, commented: "Despite the times
presently being experienced in the real-estate markets in Europe, Elbit
Imaging is delighted to announce the completion and delivery of the last
shopping center pre-sold to Klepierre under the 2005 Agreement with a higher
than anticipated market value, proving once again our track record and
strength as a leading property developer. Plzen Plaza, being the second
shopping and entertainment center completed and delivered in the Czech
Republic will be the 26th shopping and entertainment center to be completed
and sold by Plaza in the Central and Eastern European Region."
About Elbit Imaging Ltd.
The following is a summary of the principal fields of our businesses:
(i)Shopping and Entertainment Centers -- Initiation, construction, operation,
management and sale of shopping and entertainment centers and other mixed-use
projects in Central and Eastern Europe and in India. (ii) Hotels -- Hotel
ownership, operation, management and sale, primarily in major European cities.
(iii) Image Guided Treatment -- Investments in the research and development,
production and marketing of magnetic resonance imaging guided focused
ultrasound treatment equipment. (iv) Other Activities -- Other activities
consisting of (a) investments in real estate assets in India designated for
residential projects and other mixed-use projects; (b) the distribution and
sale of fashion retail in Israel; and (c) venture-capital investments. Other
activities also include investments in hospitals and farm dairy plant which
are in preliminary stages.
Any forward-looking statements with respect to EI's business, financial
condition and results of operations included in this release are subject to
risks and uncertainties that could cause actual results to differ materially
from those contemplated in such forward looking statements, including, but not
limited to, unexpected results of litigation proceedings, ability to find
suitable locations, receipt of approvals and permits for zoning and
construction, delays in construction, dependency on partners in the hotels
business, competition, risks relating to operations in Eastern Europe and Asia
(including India) and risks relating to our image guided treatment, economic
conditions, as well as certain other risk factors which are detailed from time
to time in EI's filings with the Securities and Exchange Commission including,
without limitation, Annual Report on Form 20-F for the fiscal year ended
December 31, 2007, filed with the Securities and Exchange Commission on June
30, 2008 and as amended on July 2, 2008.
For Further Information:

Company Contact
Shimon Yitzhaki, President
Elbit Imaging Ltd.
(972-3) 608-6000
syitzhaki@elbitimaging.com

Dudi Machluf, CFO
Elbit Imaging Ltd.
(972-3) 608-6024
dudim@elbitimaging.com

Investor Contact
Leslie Wolf-Creutzfeldt
The Global Consulting Group
1-646-284-9472
lcreutzfeldt@hfgcg.com

SOURCE Elbit Imaging Ltd.

Company Contact, Shimon Yitzhaki, President, +972-3-608-6000,
syitzhaki@elbitimaging.com, or Dudi Machluf, CFO, +972-3-608-6024,
dudim@elbitimaging.com, both of Elbit Imaging Ltd.; or Investor Contact,
Leslie Wolf-Creutzfeldt of The Global Consulting Group for Elbit Imaging Ltd.,
+1-646-284-9472, lcreutzfeldt@hfgcg.com