The power centers will be outside of Zichron Yaakov, Beit Shemesh, Ashdod, and Sderot.
BiG Commercial Centers and its partners will invest $70 million to build four new power centers of the next two years, as follows:
- Ashdod: Big and Moshav Nir Galim will invest $30 million to build a power center on Nir Galim land, outside the city. Big will own 65% of the project. The area is zoned for a 50,000-sq.m. commercial center and office complex, including the power center.
- Zichron Yaakov: Big, Delek Real Estate and Kibbutz Ma’ayan Zvi will build a $20 million power center on a 36-dunam (9-acre) compound on the kibbutz’s land, one kilometer from Furadis junction. The kibbutz will own 50% of the project, and Big 25%. The power center is part of a 25,000-sq.m. industrial and commercial park.
- Beit Shemesh: Big and Kibbutz Tzora will build in equal shares a $15 million, 14,000-sq.m. mall on 30 dunam (7.5 acres) of kibbutz land across from the main entrance to Beit Shemesh.
- Sderot: Big, Delek Real Estate and Kibbutz Nir Am will build a $5 million 9,000-sq.m. power center on kibbutz land at the town entrance. The kibbutz will own 50% of the project, and Big and Delek Real Estate 25% each.
Big’s aggregate share in the four projects will be $34 million. Financial coverage for the projects has not yet been finalized.
Big currently owns for commercial centers in Regba, the Kryot north of Haifa, Beit Shemesh, and Beer Sheva, and is building a fifth in Eilat.
Published by Globes [online] - www.globes.co.il - on June 22, 2003