Ofer Investments and its Melisron unit , controlled by Yuli Ofer and his children Liora and Doron, said today that they signed their deal to buy real estate company British-Israel Investments Ltd. (TASE: BRTS), a month after reports of talks to buy 71% of British Israel shares for NIS 1.7 billion.
The deal still needs approval by regulators.
The share price in the deal - NIS 14.50 - represents a 22% premium above the market value. The shares will be bought by Ofer Investments unit Melisron Ltd. (TASE: MLSR) (60% of the package) and Ofer Investments itself (40%). As a result of the deal, Melisron-British Israel will become the leading mall company in Israel, bigger than the Azrieli Group.
British-Israel is involved in two main areas: rental and management of malls and commercial centers (21 in all), and the rental and management of office parks and high tech centers.
Since the talks were first reported the share price has risen nearly 10% to reflect a value of almost NIS 2 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on October 14, 2010
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