Sources inform ''Globes'' that Amot Investments Ltd. (TASE:AMOT, controlled by Natan Hetz, bought the remaining 46.7% of the Arim Mall in Kfar Saba for $25 million from a private company owned by the Habas family and a foreign company. Amot now fully owns the old part of the Arim Mall through a subsidiary Eilot Assets Investments Ltd.. This part of mall covers 17,000-sq.m. gross space and 12,000 sq.m. net space, and has a value of $53 million,
The Arim Mall’s owners disagreed over business management of mall, and to prevent conflicts of interest, they decided to consolidate ownership. Since Amot owned the largest stake (53.3%), it bought out its partners.
Amot now owns 84 properties with a total area of 313,000 sq.m. The average occupancy rate of the properties is 84%.
The second part of the Arim Mall, called Kikar Ha’Ir, covers 10,000 sq.m. is fully owned by the Habas family through a private company. Kikar Ha’Ir also has a value of $53 million.
Published by Globes [online], Israel business news - www.globes.co.il - on July 2, 2006
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