ELBIT IMAGING ANNOUNCES UPDATE REGARDING THE AGREEMENT TO SELL ITS HOLDINGS IN THE PROJECT IN BANGALORE, INDIA

Mar 07, 2019

Tel Aviv, Israel, March 07, 2019 (GLOBE NEWSWIRE) -- Elbit Imaging Ltd. (“EI” or the “Company”) (TASE, NASDAQ: EMITF) announced today, further to its press release dated February 4, 2018, regarding an agreement (the "Agreement") signed by Elbit Plaza India Real Estate Holdings Limited (a subsidiary held by the Company (50%) and Plaza Centers N.V. (50%)) ("EPI"), for the sale of a 100% interest in a Special Purpose Vehicle which holds a site in Bangalore, India, to a local investor (the "Purchaser") in consideration for approximately €43.4 million (the "Consideration"), that the Purchaser has further paid €0.52 million this week, thereby having paid approximately €9.6 million (INR 75 crores) as against approximately €11.7 million (INR 92 crores) that was supposed to be paid by end of February 2019.

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