Joint venture in Romania

Plaza Centers N.V.
23 October 2007



23 October 2007



 PLAZA CENTERS FORMS PARTNERSHIP TO DEVELOP RESIDENTIAL AND OFFICE PROJECTS IN
                                    ROMANIA



Plaza Centers N.V. ('Plaza' or the 'Company'), a leading emerging markets
property developer, today announces that it has entered into a joint venture
partnership with BAS Development ('BAS'), to develop residential and office
projects in Romania. BAS is a private company which is active in the Romanian
property market and which operates primarily in partnership with Aura
Investments Limited, an Israeli investment and management company listed on the
Tel Aviv Stock Exchange (AUR.TA).


A newly established company (the 'JV Company'), of which 50.1 per cent will be
owned by Plaza and the remaining 49.9 per cent by the current shareholders of
BAS, will acquire BAS' ownership in five existing residential and office
development projects. The acquisition price of approximately €6.9 million
reflects the initial value of BAS' net interest in the projects. BAS will retain
responsibility for managing these projects.


The five projects are located in three of Romania's largest cities: Bucharest,
Brasov (the gateway to Transylvania) and Ploiesti (56 km north of Bucharest).
Plaza anticipates that these cities are poised for significant growth,
particularly in light of the positive economic impact of the EU on this region.
In the future, the JV Company will work to identify and secure additional
residential and office development opportunities in these and other large cities
in Romania.


Commenting on the deal, Ran Shtarkman, CEO, Plaza Centers N.V. said:


'Our main focus of activity will continue to be shopping and entertainment
centres. However, we believe the opportunity to gain a position in Romania's
fast growing residential and office markets, at little cost and risk to Plaza,
will generate a profitable return as we strive to generate increased shareholder
value.


'We know the Romanian market very well and have a strong local presence. We are
therefore confident that diversifying into additional sectors in this region
will generate significant additional returns. Bucharest, Brasov and Ploiesti are
vibrant cities in excellent locations which we believe will generate significant
value growth. This, in turn, will translate into higher returns for our
shareholders.'



                                      Ends



For further details please contact:

Plaza
Ran Shtarkman                                           [phone]
Roy Linden                                              [phone]


Financial Dynamics
Stephanie Highett/Lauren Mills                          [phone]



Notes to Editors


Plaza Centers N.V. (www.plazacenters.com) is a leading emerging markets
developer of shopping and entertainment centres.  It focuses on constructing new
centres and, where there is significant redevelopment potential, redeveloping
existing centres in both capital cities and important regional centres. The
Company is dual listed on the Main Board of the London Stock Exchange and, as of
19 October 2007, the Warsaw Stock Exchange. Plaza Centers N.V.  is an indirect
subsidiary of Elbit Medical Imaging Ltd. ('EMIL'), an Israeli public company
whose shares are traded on both the Tel Aviv Stock Exchange in Israel and the
NASDAQ Global Market in the United States.


Plaza Centers is a member of the Europe Israel Group of companies which is
controlled by its founder, Mr Mordechay Zisser.  It has undertaken real estate
development in emerging markets for more than 11 years.



B.A.S. Development B.V., a private company, which specialises in the development
of residential and office schemes, mainly in Romania, under the brand name '
Primavera'.



Aura Investments Limited is an Israeli public company which has been traded on
the Tel Aviv stock exchange since 1993 (AUR.TA). Through its 100% subsidiary,
Aura Europe SA, it is active in the development of 18 residential, office and
retail projects in Romania, Hungary and Kazakhstan. In addition, Aura is active
in the development of over 20 residential projects in Israel.




                      This information is provided by RNS
            The company news service from the London Stock Exchange