IKEA Israel signed a 25-year lease for the Netanya store.
Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) has completed its acquisition of the property rights of the IKEA Israel store in Netanya from Isralom Properties Ltd., owned by Matthew Bronfman, for NIS 289 million, in a buy and lease-back deal.
In August, Harel subsidiaries signed an agreement to buy the 50% property rights to the IKEA store in Netanya held by Isralom, and an option to acquire the 50% of the property rights to the store held by British Israel Investments Ltd. (now part of Ofer Investments Ltd. subsidiary Melisron Ltd. (TASE: MLSR)). Harel subsequently exercised this option, and with the purchase of Isralom's share in the property, now wholly owns it.
IKEA Israel signed a lease for the 17,400-square meter property for 24 years and 11 months.
Published by Globes [online], Israel business news - www.globes-online.com - on October 18, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012