Rehovot Mall Sold Out to a British Tycoon

British-Israel Investments Ltd. (TASE: BRTS), controlled by British tycoon Leo Noe, has bought properties for NIS 2 billion since it went public in May 2007.

Purchases include the Lev Mall in Ashdod, half of Rehovot Mall from Amot Investments Ltd. (TASE:AMOT) for NIS 410 million, giving the company full ownership, 20% of the Grand Kanyon Mall in Haifa, the Hasharon Mall in Netanya for NIS 344 million, the Millennium House office building in Ra'anana, a shopping center in Upper Nazareth, and one third of the IKEA Israel lot in Netanya.

The company ended 2007 with the sale of Beit Crystal at the Diamond Exchange in Ramat Gan for NIS 200 million to Harel Insurance Investments and Financial Services Ltd. (TASE: HARL). British-Israel bought the property in July for NIS 155 million and will report a gross capital gain of NIS 44 million on the sale.

British-Israel is the country's largest owner of malls and shopping centers. The nine-storey Beit Crystal has 11,800 square meters of leasing space, which is fully let. The property generated a return on investment of 7.5% at the price British-Israel paid for it.

The share rose 2.5% in morning trading on the TASE.

Source: Ariel Rosenberg. British-Israel acquisitions reach NIS 2b. (1 Jan 2008) Globes online [FullText]