Sources inform ''Globes'' that David Azrieli's Azrieli Group is in talks to buy Haifa's Cinemall, previously known as the Lev Hamifraz Mall, at the Checkpoint junction for NIS 300 million. The sources added that David Azrieli recently visited the mall to personally examine its condition.
Joseph Maiman-controlled Ampal-American Israel Corporation (Nasdaq: AMPL; TASE:AMPL) owns 37% of the Cinemall, Nochi Dankner-controlled Shufersal Ltd. (TASE:SAE;Pink Sheets: SSLTF) owns 37%, and Chaim Katzman-controlled Gazit-Globe Ltd. (TASE: GLOB) unit Uri Dori Engineering Works Corp. (TASE: DORI) owns 26%. The three companies put the mall up for sale two years through Clal Finance Ltd. (TASE:CLFN) at a value of NIS 300 million, the same asking price as now. Azrieli Group had expressed an interest in the mall at the time, but did not submit a bid.
Azrieli initiated the current talks as part of his interest in gaining a foothold in the north. The talks for the Cinemall also reflect Azrieli's belief of the mall's betterment potential. Earlier this month, Azrieli Group bought the Haifa Mall at the southern entrance to the city, and it plans to build a mall in Akko.
Published by Globes [online], Israel business news - www.globes-online.com - on January 24, 2010
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