Sources inform ''Globes'' that Azrieli Group Ltd. (TASE: AZRG) has renewed talks to acquire 50% of Netanya's Ir Hayamim mall from Azorim Investment, Development and Construction Ltd. (TASE: AZRM). Shikun u'Binui Holdings Ltd. (TASE: SKBN) owns the other half of the mall.
Azorim, now controlled by Canada's Hershy Friedman, and Shikun u'Binui, controlled by Shari Arison, are building the 70,000-square meter mall at an investment of NIS 450 million. It is scheduled to open in January 2013. Netanya's Ir Hayamim seafront neighborhood is zoned for 4,640 housing units, 3,150 hotel rooms, and the mall. Azorim, Shikun uBinui, and other developers are building projects in the area.
Netanya currently has the Sharon Mall, owned by Melisron Ltd. (TASE: MLSR) unit British-Israel Investments Ltd. (TASE: BRTS), and a strip mall owned by Big Shopping Centers (2004) Ltd. (TASE:BIG), as well as the Poleg industrial zone, where IKEA Israel is located.
Azrieli currently owns eleven malls nationwide, with four more under construction or in the planning stages.
Azrieli Group and Azorim declined to comment on the report.
Azrieli's share price rose 0.6% today to NIS 95.97, giving a market cap of NIS 11.6 billion. Azorim's share price fell 0.9% to NIS 6.78, giving a market cap of NIS 375 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 20, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011