The deal would be in cash and shares, and looks set to be completed within two days. British-Israel will pay Tamares about NIS 171 million, and allocate 16.6% of its shares to Aktive Investment Anstalt, Zabludowicz's company through which he holds Tamares shares.
Tamares has about 92,800 square meters of property in Israel, which are fully rented, including commercial property.
British-Israel owns income-yielding properties in Israel, primarily malls.
Shares in British Israel are up 5.35% this morning on the Tel Aviv Stock Exchange (TASE). In 2008, its share price has fallen 61.3%.
