Approximately 20,000 sq.m. in the second stage are already leased.
The Ofer Brothers group, which is building the Renanim mall in the Ra’anana industrial zone, has leased so far 20,400 sq.m. or 85% of the 24,000 sq.m. second stage of the mall. The largest deal was made with Super Sol, which rented a 6,600 sq.m. retail outlet in the mall for its Cosmos chain. "Globes" learned that the contract is for ten years, with a further ten-year extension option. The rent will be 2% of turnover, but not less than $13 a sq.m. per month, index-linked.
Stage two of the mall will open in March 2000. Stage one, 14,000 sq.m., fully leased, has already opened. The Ofer Brothers group is investing in both stages $80 million. Mall manager is Aryeh Arad, who until recently managed the Malcha mall in Jerusalem, owned by David Azriely.
Published by Israel's Business Arena on 29 August, 1999