The Ramat Aviv Mall, owned by the Ofer Holding's unit Melisron Ltd. (TASE: MLSR) has been ranked as Israel's most expensive shopping mall in terms of rent paid, by international real estate consultants Cushman & Wakefield.
Cushman & Wakefield also ranked the Ramat Aviv Mall 35 in the list of the world's most expensive shopping locations.
Cushman & Wakefield found that the Ramat Aviv Mall, which slipped from 29 in the rankings last year, leases space for €1,346 per square meter per year. This was well below the world's most expensive mall in New York's Fifth Avenue which leases space for €16,257 per square meter per year. In second place was Causeway Bay in Hong Kong at €14,620 per square meter per year and in third place Tokyo's Ginza at €7,711 and in fourth place London's Bond Street at €7,345.
Cushman & Wakefield ranked Ramat Aviv as the second most expensive shopping location in the Middle East and Africa region beaten only by downtown Beirut where stores are leased for €1,470 per square meter per year.
Ayalon Mall, owned by Azrieli Group Ltd. (TASE: AZRG) was ranked eight in the Middle East and Africa by Cushman & Wakefield with space leased for €967 per square meter per year.
Published by Globes, Israel business news - www.globes-online.com - on September 27, 2010
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