Elbit Plaza aims $1B plan at retail real estate

03/9/2010 | CoStar Group

Elbit Plaza USA plans to invest close to $1 billion in retail real estate with a partner. The firm, a venture between Elbit Imaging and Plaza Centers, is co-investing with Eastgate Property a combined $200 million. In addition, Elbit Plaza is raising $400 million to be used in the investment program -- money that would be levered to reach $1 billion. Alex Berman, CEO of Elbit Plaza USA, says the financial crisis caused some properties, such as shopping centers, to become undervalued. "We predict that over a five- to seven-year period, such assets will again be valued by the markets at fair value."

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