TEL AVIV-Israel Financial Levers Ltd. has agreed to acquire the Arena shopping and entertainment center at the Herzlia Marina here for $130 million. The 646,000-sf development is owned by Elscint Limited, a subsidiary of Elbit Medical Imaging Ltd. The transaction is scheduled to close within 90 days.
Israel Financial Levers is traded on the Tel Aviv Stock Exchange. Elbit Medical Imaging is traded on the Nasdaq. The agreement calls for Israel Financial Levers to acquire the entire issued and paid up share capital of S.L.S. Sails Limited, the Elscint subsidiary that owns and operates the shopping center. The acquisition price could grow by $5 million subject to the attainment of certain conditions.
Completed in 2003, the Arena has a total gross constructed area of approximately 646,00 sf, including 285,250 sf of rentable space and 382,000 sf of public area. In addition, the development includes an underground parking facility for 1,500 vehicles.
The Arena's lower ground floor includes entertainment areas for children and teens, as well as restaurants, cafes and retail stores. The upper ground level includes restaurants and cafes with a sea view.
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