Amot buys out Habas in Kfar Saba mall

Alony Hetz Property and Investments Ltd. (TASE: ALHE) subsidiary Amot Investments Ltd. (TASE:AMOT) has bought out its partner Habas HZ Investments Ltd. (TASE: HABS) in the Arim Mall in Kfar Saba for NIS 160 million, and will now fully own the mall. Amot owned 10,207 square meters in the mall and Habas owned 5,000 square meters.

Last year, Amot invested NIS 10 million in renovations of the Arim Mall including opening a fashion and lifestyle and restaurants sections in order to attract youths and family shoppers. The company predicts a net operating income (NOI) of about NIS 15 million for the mall in 2009.

The Arim Mall is an open three-floor mall with pedestrian bridges linking it to Kfar Saba's commercial city center. The mall is fully let to 50 tier-1 tenants.

Amot's share fell 1.5% to NIS 8.48 yesterday. Alony Hetz's share rose 0.2% to NIS 11.13, and Habas's share rose 0.1% to NIS 10.46.

Published by Globes [online], Israel business news - www.globes-online.com - on July 28, 2009