Elbit Enters US Real Estate with $400m Investment Fund
Elbit Imaging and Plaza Centers is entering the US real estate market with the launch of investment venture Elbit Plaza. The venture aims to raise $400m to take advantage of opportunities in the retail sector and appoints industry veteran Alex Berman as CEO. The Previously an executive at General Growth Properties, Berman will lead strategy, investment activities and operations at the fund. Elbit Imaging is listed on the Tel Aviv Stock Exchange, is committing a "substantial" amount of seed equity to the fund along with Plaza Centers, which will allow Elbit Plaza to fund property acquisitions valued up to $1bn. "Elbit and Plaza believe that current dislocation in the US financing and real estate markets has created a unique opportunity to acquire interests in high quality operating properties generating existing income at very attractive valuations, not seen in the recent past, with attractive cash-on-cash returns," Elbit said in a statement Monday. Write to Diana Golobay.