Israel's Elbit Imaging is set to sell the Radisson Complex in the Romanian capital of Bucharest to an international investment fund for €177 mln.
Elbit Imaging has signed a non-binding letter of intent with an unnamed investor to sell its 98% holding, held via Bucuresti Turism, in the hotel property.
The complex consists of a five-star Radisson Blu hotel with 487 rooms and a four-star Park Inn hotel with 276 rooms. A casino, shops and a fitness centre occupy a further 7,200 m2 of space.
The sale will likely occur by the end of the year, dependent on a due diligence study, the buyer obtaining financing and regulatory approval.
Elbit Imaging is listed in Tel Aviv and on Nasdaq in New York. The company's current assets are the Radisson Complex, a 45% stake in CEE and India real estate developer-investor Plaza Centers, and stakes in two medical technology companies.
