June 16, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Elbit Imaging, Ltd. (NASDAQ: EMITF) said that along with its subsidiary, Elbit Plaza USA, L.P., a real estate investment venture jointly formed by Elbit, Plaza Centers N.V. and Eastgate Property LLC, it has raised from Menora Mivtachim Insurance Ltd. and certain of its affiliates  $27 million of capital commitments to be invested in EPN Real Estate Fund, LP.

The company said that the total aggregate amount of capital commitments that have been raised to be invested in, and co-invested alongside, the fund, as of June 15, totals $227 million.

Elbit had reported on February 9 a $200 million co-investment facility for investment in the U.S. real estate market.

EPN Investment Management, is co-managed by Elbit Plaza USA and an affiliate of Eastgate, will serve as the fund's investment management advisor. The fund has a targeted size of $400 million in capital commitments.

EPN Fund was formed as part of a real estate investment fund that was jointly established by Elbit, Plaza and Eastgate, with the objective of raising additional investments from outside investors and focusing on investments in the U.S. retail and commercial real estate sectors.

The fund plans to take advantage of real estate opportunities in the United States, through direct acquisitions and joint ventures with leading real estate operators and owners of relevant assets or portfolios.

Israel-based Elbit Imaging is engaged in the construction, and sale of commercial and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India.

The firm is also engaged in hotel operation and management, primarily in major European cities. It also makes investments in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment, among other activities.

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