This is the company's first acquisition since it was acquired by Ofer Brothers' unit Melisron.
British-Israel Investments Ltd. (TASE: BRTS) has bought out its partner in the Lev Hadera Mall for NIS 260 million. The two companies owned the mall in equal shares. This is the company's first acquisition since it was acquired by Ofer Brothers' unit Melisron Ltd. (TASE: MLSR).
The Hadera Mall's gross value was NIS 492 million at the end of March, and its net operating income (NOI) was NIS 38.5 million in the first quarter of 2011. The mall was opened in 1988 and renovated in 2000.
British Israel will deduct the Lev Hadera Mall's outstanding NIS 236 million debt (held in equal shares by the two companies), so the net amount paid to the partner is NIS 142 million.
British Israel's share price rose 0.2% in morning trading to NIS 12.14, giving a market cap of NIS 2.03 billion. Melisron's share price was unchanged at NIS 75, giving a market cap of NIS 1.7 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on June 19, 2011
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