Sources inform ''Globes'' that Azrieli Group> is advanced negotiations to acquire the Haifa Mall from Yitzhak Tshuva-controlled Delek Real Estate Ltd. (TASE: DLKR and Summit Real Estate Holdings Ltd. (TASE: SMT) at a value of NIS 300 million. Delek Real Estate owns 70% of the Haifa Mall and Summit owns the other 30%.
The 30,000-square meter Haifa Mall is located at the southern entrance to Haifa, opposite Congress Center and near the Hof Hacarmel railway station. The average rent is NIS 70 per square meter per month. Built in 1997, the mall is almost completely leased. 15,000 square meters is leased to anchors and retail chains, 5,600 square meters to fashion and footwear stores, 3,200 square meters to restaurants and fast food outlets, and 4,000 square meters to other stores.
Summit Real Estate is leading the sale negotiations, and was joined by financially troubled Delek Real Estate. Summit Real Estate owns 112 properties in Israel and Germany with a total space of 913,000 square meters.
In the past year, Delek Real Estate has sold properties, mostly in Israel, for NIS 550 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2010
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