October 4, 2021

Azrieli buys Eilat's Mall Hayam shopping mall

Globes, Globes correspondent, 04.10.2021

Israeli income producing property company Azrieli Group (TASE: AZRG) notified the Tel Aviv Stock Exchange (TASE) this morning that it has signed an agreement to acquire Eilat's Mall Hayam shopping mall for NIs 1.31 billion. Azrieli first reported in July that it was in talks to buy the mall in the Red Sea resort.

Mall Hayam is owned by Eli Yisraeli (50%), Ilan Ben-Dov (25%) and Israel Phoenix Assurance Ltd. (TASE:PHOE1; PHOE5) (25%).

Mall Hayam has debts of NIS 471 million but 100% occupancy and total annual revenue in 2020 of the mall's 104 businesses was NIS 33 million.

Completion of the deal is contingent on approval from the Israel Competition Authority and the Israel Land Authority.

Published by Globes, Israel business news - en.globes.co.il - on October 4, 2021