Sources inform ''Globes'' that Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) subsidiary Elbit Trade and Retail Ltd., which holds the Israeli franchise for the Gap and Banana Republic, as well as for Mango, fashion chains, is in advanced talks to rent 2,200 square meters in the Ir Yamim Mall now under construction in Netanya by Shikun u'Binui Holdings Ltd. (TASE: SKBN) unit Shikun u'Binui Real Estate Ltd. and Azorim Investment, Development and Construction Ltd. (TASE: AZRM) at an investment of NIS 450 million.
Elbit Trade and Retail is seeking to rent space for three stores for ten years with an option to extend for an estimated rent of NIS 230 per square meter per month. The 70,000-square meter Ir Yamim Mall is located on a 58-dunam (14.5-acre) lot in the south Netanya Ir Yamim neighborhood. It will have 25,000 of store space devoted to fashion stores, entertainment, and recreation, as well as 2,000 parking spaces.
The Ir Yamim Mall is due to open in 2011. Its proximity to the Coastal Highway will enable it to attract residents of the Sharon region, in addition to local Netanya residents.
Published by Globes [online], Israel business news - www.globes-online.com - on May 9, 2010
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