Azrieli Group set to invest in Commercial properties in Northern Israel
The Azrieli Group Ltd, Israel's largest real estate developer, intends to use a portion of the funds they received from recent Public Stock offerings for commercial real estate projects in Northern Israel.
“We are now seeking out real-estate investments and looking to grow outside of the center of the country in areas such as northern Israel,” President Menachem Einan said earlier this week in an interview on the top floor of the Azrieli Center’s circular tower in Tel Aviv. “We are also considering investments in North America and Europe although Israel will continue to be our primary area of investment.”
The company will use between 1.3 billion shekels and 1.5 billion shekels to fund existing projects such as two shopping centers in the Israeli towns of Kiryat Ata and Acre in the north, Einan said.
“We are probably going to make more acquisitions of quality malls,” the president said. Azrieli is also looking to develop a “large” project that will include a mall and an office tower in Rishon Le-Zion, outside of Tel Aviv, he said.
Source: Bloomberg
September 2, 2010
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