Sources inform ''Globes'' that Azorim Investment, Development and Construction Ltd. (TASE: AZRM), controlled by chairman Shaya Boymelgreen has sold a 10-dunam (2.5-acre) seafront lot at the Herzliya Marina to a diamond merchant for NIS 67 million. The lot is zoned for a 150-unit apartment hotel.
Azorim also owns a stake in the Oceanus Hotel at the marina, which it sought to sell last year. The planned sale was cancelled due to opposition by the company's partner.
The Herzliya Marina covers 500 dunam (125 acres), half of which is zoned as anchorages, and buildings for administration, marine education, a shipyard, and workshops. The other half is zoned for hotels, commerce (including the Arena Mall), recreation, and open public space.
After rapid development in the past few years, the marina now has 680 anchorages, and has become a major tourist attraction.
Boymelgreen Capital Ltd. (TASE:BMGN) owns 63.8% of Azorim, whose share rose 1.7% in early trading today to NIS 22, giving a market cap of NIS 755 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 14, 2010
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