Gazit-Globe Israel and YD Barazani will build a shopping and sports center in Mevasseret Zion for NIS 135 million.
Gazit-Globe Ltd. (TASE: GLOB) subsidiary Gazit-Globe Israel Ltd. and YD Barazani Ltd. will build a shopping and sports center in the Jerusalem suburb of Mevasseret Zion for NIS 135 million. The 10,000-sq.m. project, including the 6,000-sq.m. sports complex, is Gazit-Globe’s first project in the metropolitan Jerusalem area.
The new mall will carry the Gazit-Globe “G” brand, used in other neighborhood shopping centers. Gazit-Globe Israel will own 51% of the new mall and Barazani will own the rest.
Gazit-Globe Israel CEO Ronen Ashkenazi said, “Building the center in Mevasseret Zion is part of the company’s business strategy to expand its network of urban shopping centers in high-quality towns and neighborhoods.” He added that the company was considering another project in the Jerusalem area and the construction of a shopping center at the Eshta’ol Junction near Beit Shemesh on a 60-dunam (15-acre) lot owned by Barazani.
Published by Globes [online], Israel business news - www.globes.co.il - on August 15, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007