Gazit-Globe Ltd. (NYSE: GZT; TASE: GZT; TSX: GZT) is launching the G Yavne shopping mall at an investment of NIS 125 million. The mall contains 10,000 sq.m. of commercial space on three floors, and is expected to house 65 businesses.
Rent in the mall will vary from NIS 120 to NIS 250 per sq.m., and revenue is projected to total NIS 16.5 million annually.
The new center, owned by Gazit-Globe (73%) and Nobar Fuels (27%), contains a mixture of chain stores. There is a Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. (TASE:RMLI) branch with 2,500 sq.m. on the bottom commercial floor, and branches of Fox Fashion (300 sq.m.), Fox Home (300 sq.m.), and Renuar (300 sq.m.).
Other stores in the mall include a branch of Delta Galil Industries Ltd. (Pink Sheet: DELTY; TASE: DELT) with 180 sq.m., Shilav (165 sq.m.), and branches of Hoodies, Zip, Keds, and Home & More, each of which is renting 100 sq.m. Restaurant chains in the mall, include McDonalds, Greg Cafe, Roladin, Pizza Agvania, etc.
Gazit-Globe Israel CEO Ronen Ashkenazi said today, "G Yavne is the first significant mall to be built in the city. It will bring a high-quality shopping, leisure, and recreational experience to residents of the city and the agricultural communities in the area. The mall will offer the best brands in fashions, cafes, and restaurants, together with daily needs."
Gazit-Globe's equity is estimated at NIS 1 billion (according to the price tag of the company, which has been put up for sale), and the value of its properties is estimated at NIS 3.5 billion. Founded in 2005, the company buys, develops, and manages municipal and regional shopping centers under the G brand.
The Gazit-Globe group recently put its real estate business in Israel up for sale, with several local and foreign concerns making bids for it. The deadline for submitting bids is October.
Published by Globes [online], Israel business news - www.globes-online.com - on August 30, 2015
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