Elbit Medical Imaging Ltd. (EMI) has announced on Thursday that on 15 November, EMI's wholly owned subsidiary company, Plaza Centers (Europe) BV, signed an agreement and consummated a transaction for the acquisition of a large area of land situated on Kerepesi Street in central Budapest, the former site of the Hypodrome. The purchase price was EUR 21 million.The site, measuring 122,857 square metres (about 1.35 million square feet) is situated at Kerepesi Street in the 8th District of Budapest.
“Building permits for the construction of a large shopping and entertainment centre have been issued in respect of this Site, the rights to which were also acquired. The acquisition was carried out by the purchase of the entire equity rights (100%) of four companies holding all the freehold ownership and usage rights to the Site," Elbit said in a statement.
The purchase price of the entire equity rights represents a Site value of EUR 21 million. The financing was provided by a consortium of International Banks, and constitutes approximately 90% of the above value.
“The Hypodrome site is in a prime location in central Budapest and offers an attractive opportunity to continue our tradition of successful development of shopping mall projects in Hungary," said Mordechay Zisser, Chairman of the Board of Directors at Plaza Centers.
EMI is a subsidiary of EuropeIsrael (M.M.S.) Ltd. and focuses on four main fields of operations: Commercial and Entertainment Malls through its subsidiary Plaza Centers; the Hotel segment through its subsidiary Elscint Ltd.; image guided treatment through InSightec; and venture capital investments in the telecommunications business.
Source: portfolio
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18.11.2005