Elbit Medical Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) subsidiary Plaza Centers NV (LSE:PLAZ) has opened the Arena Plaza Shopping and Entertainment Center in Budapest. The 66,000-square meter mall is Hungary's largest mall and is fully occupied.
Elbit Medical Imaging and Plaza Centers chairman Mordechai Zisser was present for the grand opening alongside Hungarian government ministers and mayors. Also present was Active Asset Investment Management (aAIM) chairman Sir Alex Ferguson. aAIM acquired the Arena Plaza for $550 million in August, and Elbit Medical Imaging will report a capital gain of about NIS 1 billion on the deal.
In view of the success of the sale of Arena Plaza to aAIM, Plaza Centers is considering expanding the mall by 30%. The company owns an adjacent lot, which is zoned for an office building. However, given that the Arena Plaza is fully occupied, has a long waiting list, and high rents, Zisser is now considering expanding the mall.
Arena Plaza is Plaza Centers' 17 shopping and entertainment center in Hungary. Despite its size, the Arena Plaza took only 18 months to design, plan, build, market, and lease. The company has two other projects under development in Eastern Europe; Casa Radio (Dambovica) in Bucharest in partnership with the Romanian government, a 600,000-square meter commercial, hotel, and office complex; and the €1.5 billion 400,000-square meter Obuda Dream Island tourism project on Obuda Island in the Danube River in Budapest, in which the company owns a 30% stake.
Published by Globes [online], Israel business news - www.globes-online.com - on November 19, 2007
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