The companies paid NIS 183 million for the land.
British-Israel Investments Ltd. (TASE: BRTS) and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) have bought an 88-dunam (22-acre) lot in Ashdod for NIS 183 million. The lot, located near the southern entrance to the city, is slated for the construction of a shopping center.
The companies made the deal through a joint venture, Grand Kanion Darom LP, in which British Israel indirectly owns 51% and Harel Insurance indirectly owns 49%. Harel added that its subsidiaries have committed NIS 100 million to the joint venture, and might increase their investment by a further NIS 50 million.
The companies did not disclose any details about the proposed shopping center, or the amount of investment in building it.
Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008