Azrieli Group is buying five malls from Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) for NIS 1.8 billion. "Globes" earlier estimated the price tag at NIS 2 billion. The malls, held through Africa-Israel Properties Ltd. (TASE: AFPR) are the Ramat Aviv Mall in Tel Aviv, the Savionim Mall in Yehud, the Lev Talpiot Mall in Jerusalem, the Bama Center in Ganei Tikva, and the City Center Mall in Haifa. Africa-Israel's stakes in the properties range from 40% to 100%.
Africa-Israel Properties added that the parties were still considering alternative structures for the deal.
