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Azrieli sells Kiryat Ata mall and offices
Geocartagraphia business development manager Itai Shafran said the mall was in an unattractive location.
Azrieli Group Ltd. (TASE: AZRG), has notified the Tel Aviv Stock Exchanged that it is selling its shopping mall and office building in Kiryat Ata for NIS 90 million to Milano Construction and Development.
The deal is due to be completed by June 30 2021 and Azrieli, controlled by Danna Azrieli, will recognize a capital gain of NIS 25 million, which will have no material effect on its financial results.
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Geocartagraphia business development manager Itai Shafran told Globes, We are talking about an asset in a problematic location in a road where 4,000 square meters of street-facing commercial space has opened in the past three years without any major growth in the number of households. There are few parking places and of course the city sa socio-economic profile is not high.