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Eliahu buying control of Tel Aviv's Gan Ha'Ir mall

6 May, 2013 18:25
שלח תגובה במיילIlanit Hayut

Gan Ha'Ir mall covers 13,000 square meters and has 90 stores and businesses.

Businessman Shlomo Eliahu is on his way to gaining full control of Project Gan Ha'Ir, which owns 85% of Tel Aviv's prestigious Gan Ha'Ir mall. Project Gan Ha'Ir also fully owns Jerusalem's Mount Zion Hotel and the luxury Jerusalem of Gold housing project. Sources inform "Globes" that Eliahu, who holds a 50% stake in the company, has bought a further 16.6% stake from his partner Mordechai Shechter at a company value of NIS 1 billion. Eliahu will pay NIS 166 million for those shares, and he is expected to buy the remaining 33.4% of shares held by Shechter.

Eliahu, owner of Eliahu Insurance Company Ltd., is carrying out this deal six months after completing acquisition of control (63%) of Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) for NIS 3.55 billion, at a company value of NIS 5.13 billion, 16% lower than today's market cap.

Gan Ha'Ir mall, a luxury shopping center by city hall, covers 13,000 square meters and has 90 stores and businesses.

Published by Globes [online], Israel business news - www.globes-online.com - on May 6, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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