British Israel to Buy Sharon Mall in Stead of Financial Levers

Leo Noe could also withdraw from the deal if revenue falls short of expectations

Two months after agreeing to buy the Sharon mall, Financial Levers (TASE:  LVR) is withdrawing from the deal.

Financial Levers (Manofim), belonging to Jacky Ben-Zaken and Avrahan Nanikashvili, was to buy the center from Alrov (TASE: ALRO).

Alrov, belonging to Alfred Akirov, did not sit around whimpering, though. It immediately found a new buyer - British Israel, which is buying the mall for the same price that Financial Levers was supposed to pay.

British Israel announced that it's buying the mall based on a price assuming leasing revenues from businesses of NIS 27 million a year. If that condition proves false, then British Israel, which belongs to the British millionaire Leo Noe, may retreat from the deal too.

Occupancy of  the 14,700 square meter mall was 99% at the end of 2006. It had 120 tenants, including clothing chains, food, shoe stores and cafes.