Ocif Investments and Development Ltd. (TASE: OCIF) has sold its 50% stake in the Weizmann Center in Tel Aviv to Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) for NIS 68 million. Migdal and Hamagen Insurance Company Ltd. bought half rights to the mall, including its underground parking garage, in April 2006 for NIS 131.3 million.
Negotiations of the sale of first half of the Weizmann Center were very difficult. One problem was that Tel Aviv Sourasky Medical Center (Ichilov Hospital), adjacent to the Weizmann Center, has a permit to build a 700-space underground parking garage, which lowered the value of the mall’s own parking garage.
