ELBIT MEDICAL IMAGING LTD. ANNOUNCES THE ACQUISITION OF AN
OFFICE BUILDING LOCATED IN AMSTERDAM BY SUBSIDIARY
COMPANY VICTORIA MONUMENT B.V.
Tel Aviv, Israel, December 21, 2006 , Elbit Medical Imagining Ltd. (Nasdaq: EMITF), announced today
that on December 14, 2006, it had (through its approximately 50% subsidiary company, Victoria Monument
B.V.) initialed an agreement with Allianz Lebensversicherungs-AG (an unrelated third party) for the acquisition of
a historical office building with appurtenances and land belonging premises, locally known as Prins Henddrikkade
33, 1012 TM Amsterdam and Marterlaarsgracht 5, 1012 TM Amsterdam.
The historical 75 year old office building is located in the heart of Amsterdam’s business and entertainment center
and resides next to our Victoria Hotel, Amsterdam, The Netherlands Four Star Hotel Chain. The high occupancy
level of approximately of 95% in the Victoria Hotel during the 12 months period was strong motive for initiating
It is considered an historical building landmark for preservation under local laws. It is intended to renovate the
historical building in order to enable its re-opening as a hotel following a restoration and following receipt of all
consents and permits.
The purchase price of the property was Euro 14 million, fully financed though a bank loan.
Following the receipt of all permits, which is estimated to take a year long (as of the receipt of building permits),
and an investment of approximately Euro 10 million, it anticipated to re-open the historical building as an
approximately 100 room hotel.
About Elbit Medical Imaging Ltd.
EMI is a subsidiary of Europe Israel (M.M.S.) Ltd. EMI's activities are divided into four principal fields: (i)
Initiation, construction, operation, management and sale of shopping and entertainment centers in Israel and in
Central and Eastern Europe; (ii) Hotels ownership, primarily in major European cities, as well as operati