UPDATE 1-Elbit Imaging, Plaza to invest in U.S. real estate

* Says to jointly invest $200 mln with Eastgate

* Says JV to focus on U.S. commercial real estate (Adds details)

Feb 9 (Reuters) - Property developer Plaza Centers N.V. (PLAZ.L) said a joint venture with its parent company will invest $200 million in the U.S. commerical real estate sector, together with Eastgate Property LLC.

Plaza Centers, which focuses on central and eastern Europe, said its investment of $100 million in the fund will be made through the joint venture Elbit Plaza USA and will be equally shared by its parent, Elbit Imaging Ltd (EMIT.TA).

"The fund will seek to identify potential investments and make both direct purchases and enter into joint ventures with local business partners over a two-year acquisition period," Plaza Centers said in a statement.

The company also said Elbit Plaza USA intended to raise a total of $400 million, providing total investment power of up to $1 billion to place in its target market.

Plaza Centers is an indirect subsidiary of Israeli public company Elbit Imaging Ltd, while Eastgate is an affiliate of US-based international real estate fund manager NCH Capital Inc. (Reporting by Kumar Alagappan in Bangalore; Editing by Anil D'Silva)