The seller was former Association of Contractors and Builders in Israel (ACBI) president Samuel Olpiner.
Gazit-Globe (TASE: GLOB) has acquired the Rothschild mall in Rishon LeZion from former Association of Contractors and Builders in Israel (ACBI) president Samuel Olpiner for NIS 185 million. Gazit-Globe expects a 9% return on its investment, its first in Israeli shopping centers. The Rothschild mall has 12,000 sq.m. of commercial space and 4,000 sq.m. of office space.
Gazit-Globe made its acquisition through its Gazit-Globe Israel subsidiary, in which it has an 85% holding. Gazit-Globe Israel acquires, develops, and managers commercial properties in Israel. Ronen Ashkenazi manages Gazit-Globe Israel, and owns the rest of the shares.
Gazit-Globe is Israel’s largest income-producing real estate company, with a market cap of NIS 2.4 billion. The company owns 313 commercial properties, including 293 active shopping centers, ten shopping centers being developed, and eight assisted living facilities with 1,300 housing units.
Published by Globes [online] - www.globes.co.il - on June 5, 2005