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Azrieli buys remaining 50% of Netanya Ir Hayamim mall

11 Sep, 2011 13:51
שלח תגובה במיילIlanit Hayut

The company bought the stake held by Shikun u'Binui, after buying Azorim's stake last month.

Azrieli Group Ltd. (TASE: AZRG) has bought the remaining half in Netanya Ir Hayamim mall from Shikun u'Binui Holdings Ltd. (TASE: SKBN). Last month, the company bought the 50% stake in the mall held by Azorim Investment, Development and Construction Ltd. (TASE: AZRM) for NIS 350 million.

Altogether, Azrieli will pay NIS 770 million for the mall, including completing its construction.

The 70,000-square meter mall is scheduled to open in early 2012. Azrieli said that, as of now, the mall has 24,000 square meter of leasing space, of which 68% has been leased to 100 tenants for NIS 40 million a year. It estimates the net operating income (NOI) of NIS 61 million when the mall is fully leased, of which the company's share is half. It therefore estimates the return on investment at 7.8%

Azrieli currently owns 15 malls nationwide.

Azrieli's share price fell 3.2% by mid-afternoon to NIS 81.68, giving a market cap of NIS 9.9 billion, and Shikun uBinui's share price fell 2.5% to NIS 6.16, giving a market cap of NIS 2.4 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on September 11, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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