Azrieli Group Ltd. (TASE: AZRG) has withdrawn its request to the Antitrust Authority to approve its acquisition of Netanya's Ir Hayamim Mall, after rejecting Antitrust Authority director general David Gilo's terms.
In September, Azrieli announced that it would buy the mall, which is still under construction, from Shikun u'Binui Holdings Ltd. (TASE: SKBN) and Azorim Investment, Development and Construction Ltd. (TASE: AZRM) for NIS 720 million, plus an additional NIS 80 million when it was completed.
The 24,000-square meter Ir Hayamim mall, serving the south Netanya seafront neighborhood of the same name, is due to open early this year.
Azrieli owns 13 malls nationwide, including the Azrieli Mall in Tel Aviv, and two - one in Acre and the other in Kiryat Ata - which opened in December at an investment of NIS 240 million. Two more malls in Ramle and Rishon LeZion are under construction.
Azrieli's share price was unchanged at NIS 91.98 today, giving a market cap of NIS 11.2 billion, Shikun u'Binui's share price fell 0.5% to NIS 6.50, giving a market cap of NIS 2.6 billion, and Azorim's share price fell 4.6% to NIS 3.49, giving a market cap of NIS 165 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 8, 2012
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