A revaluation of the Beit Yediot Ahronot parcel of land was undertaken during the first quarter after the Azrieli Group Ltd. (TASE: AZRG) completed the acquisition of the property from the newspaper three years after the deal was signed. The 8,400-square-meter lot immediately adjacent to the north of the Azrieli Center in Tel Aviv is now valued at NIS 570 million (compared to a purchase price of NIS 374 million). The net gain of close to NIS 150 million reflects the rise in real estate prices across the city. RELATED ARTICLES Azrieli Q1 profit more than triples Azrieli buys Ra’anana retirement home for NIS 55m 85-floor 4th tower approved for Azrieli Center After demolishing, Beit Yediot Ahronot, the real estate giant plans to build an 80-floor tower with as much floor space as the three nearby towers 140,000 square meters thus substantially expanding the commercial space in the adjacent mall. The group is working to change the existing plans for the lot. The Yediot Ahronot newspaper has moved to a new headquarters in Rishon Lezion. Additionally, given the advances in the construction of the Sarona tower located across from the Azrieli Center the property was revaluated and is now worth nearly NIS 1.5 billion. Excluding revaluations, Azrieli posted a profit of NIS 406 million in the first quarter. Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2016 © Copyright of Globes Publisher Itonut (1983) Ltd. 2016
