Migdal, Menorah buy 2 Florida malls for $37m

Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) and Menorah Mivtachim Holdings Ltd. (TASE: MORA), together with their partner Excalibur Real Estate Ltd., have bought two malls in the area of Fort Lauderdale, Florida, for $37 million (NIS 135 million). The two insurance companies will provide 88% of the financing for the deal

The Sunshine Plaza mall in the town of Tamarac, and the Shenandoah Square mall in the town of Davie, are both anchored by Publix supermarkets.

Menorah CIO Yoni Tal said, "This is our latest foreign investment as part of our strategy to diversify and increase our exposure to foreign real estate."

Migdal's share price rose 3.3% by mid-afternoon today to NIS 5.06, giving a market cap of NIS 5.2 billion, and Menorah's share price rose 2.8% to NIS 27.27, giving a market cap of NIS 1.7 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on August 29, 2011