Furniture and home accessories retail chain IKEA is to build a new branch near Ashdod. Ari Real Estate (Arena) Investment (TASE: ARIN) has notified the Tel Aviv Stock Exchange (TASE) that it has signed a memorandum of understanding (MoU) to sell half of its holdings in 110 dunams (27.5 acres) of land near Ashdod to JLTV and the Fischer-Bronfman Group for NIS 226 million. The land is zoned for commercial and office use. RELATED ARTICLES IKEA invests $22.5m in Israeli retail financing co Jifiti IKEA opens Beit Shemesh store The new owners will use 30 dunams (7.5 acres) of the land for the construction of a 25,000 square meter IKEA branch. The new branch will be IKEA's seventh in Israel after Netanya, Kiryat Ata, Rishon Lezion, Beersheva, Beit Shemesh and a kitchen store in Tel Aviv port. Published by Globes, Israel business news - en.globes.co.il - on April 5, 2022. © Copyright of Globes Publisher Itonut (1983) Ltd., 2022.