The Hutzot HaMifratz Mall has 173,131 sq.m. in unutilized building rights.
IDB Holding Corp. Ltd. (TASE:IDBH) unit Koor Industries Ltd. (TASE:KOR) has sold its 33.3% holding in the Hutzot HaMifratz Mall at the Check Post Junction in Haifa to its partners, Ofer Holdings Group subsidiary Melisron Ltd. (TASE: MLSR) and Ashtrom Properties Ltd. (TASE:ASPR), for NIS 30.6 million. Each company acquired 16.66% of the mall's management company AKA Development Ltd. Melisron and Ashtrom will now each own half of the mall.
Melisron and Ashtrom will also assume Koor's share of AKA's debts and owners' loans.
The Hutzot HaMifratz Mall has 150,421 square meters of space, as well as 173,131 square meters in unutilized building rights.
Today's purchase follows Melisron's purchase of two malls from Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by Lev Leviev, earlier this month.
Published by Globes [online], Israel business news - www.globes-online.com - on April 19, 2009
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