Sources inform ''Globes'' that Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) is negotiating to lease space for Gap stores at three malls owned by British-Israel Investments Ltd. (TASE: BRTS).
Two weeks ago, Elbit Imaging subsidiary Elbit Trade And Retail Ltd. signed an exclusive franchise agreement with Gap Inc. (NYSE: GPS) to open and operate Gap and Banana Republic stores in Israel. The first store, which will have 800 square meters, is due open in August at the Mamilla Mall in Jerusalem owned by Alrov (Israel) Ltd. (TASE: ALRO).
The three British Israel malls where Elbit Imaging wants to open Gap stores are the 27,800-square meter Avnet Mall in Petah Tikva, the 25,000-square meter Rehovot Mall, and the 13,000-square meter Dodge Center Mall in Nazareth, which British Israel bought last year for NIS 13.7 million. British Israel is planning to expand all three malls.
Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009