Elbit Imaging Heads for Biggest Two-Month Rally on Assets Sale

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), 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 ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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