Elbit Imaging Ltd. (EMIT) headed for the biggest gain in almost two months after the Israeli real estate company closed the sale of U.S. shopping centers for $1.4 billion.
The shares advanced 6.1 percent, poised for the largest advance since April 22, to 9.231 shekels at 11:48 a.m. in Tel Aviv.
The sale of the properties was to Blackstone Group LP and DDR Corp. (DDR:US), Elbit said in a PR Newswire statement today. “The closing of this transaction generated significant cash-flow and profit for the company, over an investment period of two years only,” co-Chief Executive Officer Dudi Machluf said in the statement.
To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com