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

June 21 (Bloomberg) -- Elbit Imaging Ltd. 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., 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