Plaza Centers: $27M Investment For US Fund From Insurer Menora

LONDON (Dow Jones)--Emerging markets property developer Plaza Centers NV (PLAZ.LN) said Tuesday its U.S. real estate joint venture has raised $27 million from Israeli insurer Menora Mivtachim Holdings Ltd. (MMHD.TV) and some of its affiliates. Elbit Plaza USA LP is a real estate investment venture and was jointly formed by Plaza, its parent company Elbit Imaging Ltd. and its partner Eastgate Property LLC in February to take advantage of opportunities in the U.S. property market. Plaza's President and Chief Executive Ran Shtarkman said the company was continuing to seek additional equity partners for the fund and has seen strong interest from other Israeli and international institutions. He added that the company is aiming for a target of $400 million of committed equity. The total aggregate amount of capital commitments that has been raised for the fund to date totals $227 million. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com (END) Dow Jones Newswires June 15, 2010 03:12 ET (07:12 GMT)