The trustees of the Mega supermarket chain obtained court approval today to hire assessor Dovrat Olpiner to examine the rents that Mega pays to sister company Blue Square Real Estate.
As "Globes" has reported recently, figures it has obtained show that the rents that Mega pays Blue Square Real Estate on branches in Tel Aviv are recorded differently in the two companies' books. For example, for the Neve Avivim branch Mega records a rent payable of NIS 101 per square meter, NIS 88,600 monthly in total, but Blue Square Real Estate records rent receivable 145% higher.
The figures obtained by "Globes" relate to rent payments for seventeen Blue Square Real Estate properties in Tel Aviv in which Mega in the City stores operate. These stores are now for sale as part of the sale of the Mega chain. Mega's neighborhood stores in Tel Aviv represent one its strongest selling points.
A retailer who considered buying Mega said, "The rents charged by Blue Square Real Estate are more than 50% above the highest rents in Tel Aviv. The proof is the rents that Mega pays on properties of Amot Investments and in Dizengoff Center, which are much lower."
A representative of Blue Square Real Estate said in response, "Blue Square Real Estate is a public company whose financial statements are audited according to law. The information on the rents it charges on its properties is sensitive information, and its publication is liable to be a breach of restrictive trade practices law. Anyone exposed to this information should be doubly careful before making it public. Blue Square Real Estate's reporting is accurate, and any attempt to rely on information that is not within the company's control is misleading and is the responsibility of the newspaper.
"Anyone exposed to the rents that Blue Square Real Estate charges to Mega has signed comprehensive confidentiality agreements. I hope that the trustees will also behave accordingly and will continue to focus on selling the chain."
Published by Globes [online], Israel business news - www.globes-online.com - on March 13, 2016
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