Melisron in talks to buy Jerusalem's Hamashbir building

Israeli income producing property company Melisron Ltd. (TASE: MLSR) is in talks to sell the Hamashbir Lazarchan building in Zion Square for NIS 200 million, sources inform "Globes." This is not the first time that Melisron, whose core business is shopping malls, has tried to sell the building. Melisron is not expected to report substantial profit on the sell if it goes through. Melisron decline to comment on the report.

The building has six floors, four above ground and two underground, which serves as the Jerusalem outlet of Rami Shavit's Hamashbir Lazarchan department store chain. The building was constructed by British-Israel, which was subsequently acquired by Melisron. The building has 5,600 square meters of commercial space, which was leased to Hamashbir from 2011 to 2035. The above ground floors of the building can also be used as a hotel, residential or office space and there are building rights to add another 2,000 square meters. As far as is known, the potential buyer is interested in the hotel potential of the building.

Published by Globes, Israel business news - en.globes.co.il - on June 3, 2019

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