Another bidder is interested in Africa-Israel Investments Ltd.'s (TASE:AFIL; Pink Sheets:AFIVY.PK) Ramat Aviv mall. Sources inform ''Globes'' that an Austrian businessman is interested in acquiring the controlling stake in the mall and recently met Africa-Israel Properties (TASE: AFPR) chair Zvia Leviev. The Austrian is a businessman and developer active in real estate and financing in Austria.
"Globes" first disclosed at the end of May that Africa-Israel controlling shareholder and chairman Lev Leviev had decided to put the Ramat Aviv mall up for sale, and that the group was in talks with Azrieli Group and Gazit-Globe (TASE: GLOB) on a possible sale of the mall together with group's other malls.
Africa-Israel also holds a stake in the Savionim Mall in Yehud, the Lev Talpiot Mall in Jerusalem, the City Center in Haifa, and the commercial center in Savion. Africa-Israel is reportedly asking NIS 1.2-13 billion for the Ramat Aviv mall. Together with the sale of the group's other malls, the price tag could run into billions of shekels.
Africa-Israel previously offered its stake in the Ramat Aviv mall to Migdal Insurance (TASE: MGDL), which owns a 27% stake, but the negotiations ended without an agreement.
The Ramat Aviv is considered one of the leading malls in Israel. It has 17,819 square meters of commercial space and 9, 673 square meters of office space.
Published by Globes [online], Israel business news - www.globes-online.com - on July 3, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008