It is also close to acquiring full ownership of the Rehovot Mall and is negotiating to acquire 60% of a power center at Bilu Center for $62 million.
Azorim Properties' appetite has not been sated. Sold by Ganden Investments (1999) Ltd. to British Israel group, controlled by real estate tycoon Leo Noe, for NIS 400 million, Azorim Properties is buying income-producing properties.
Last week, Azorim Properties bought Gmul Investment Co. Ltd.'s (TASE: GMUL) 16.3% stake in Amot Investments Ltd. for NIS 125 million, through its subsidiary Clal Real Estate Investments. Gmul might receive an additional NIS 7.5 million, subject to certain conditions of the deal.
Sources inform "Globes" that following a settlement with the Shurka-Rabinovitch group in the dispute over the Rehovot Mall, Azorim Properties is in the final stages of negotiations to acquire Amot's 50% stake in the mall and achieve full ownership of it. The sources added that Azorim Properties was negotiating with a subsidiary of Meshulam Levinstein Contracting and Engineering (TASE:LEVI) to buy its 60% stake in a power center at the Bilu Center, south of Rehovot for $62 million.
Published by Globes [online], Israel business news - www.globes.co.il - on May 22, 2005