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Israel Shopping Center Fetching $130M

TEL AVIV-Israel Financial Levers Ltd. agrees to acquire the 646,000-sf Arena shopping and entertainment center at the Herzlia Marina here from a subsidiary of publicly held Elbit Medical Imaging Ltd.

By Brian K. Miller | Updated on February 07, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

TEL AVIV-Israel Financial Levers Ltd. has agreed to acquire the Arena shopping and entertainment center at the Herzlia Marina here for $130 million. The 646,000-sf development is owned by Elscint Limited, a subsidiary of Elbit Medical Imaging Ltd. The transaction is scheduled to close within 90 days.

Israel Financial Levers is traded on the Tel Aviv Stock Exchange. Elbit Medical Imaging is traded on the Nasdaq. The agreement calls for Israel Financial Levers to acquire the entire issued and paid up share capital of S.L.S. Sails Limited, the Elscint subsidiary that owns and operates the shopping center. The acquisition price could grow by $5 million subject to the attainment of certain conditions.

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