Gazit Globe Buys 50% of Afula Power Center

Gazit Globe has bought out Gabi Edri and Moshe Hadif's stake in Power Center Haemek according to a company valuation of NIS 117 million, Haaretz has learned.

Edri and Hadif established the Power Center in Afula, next to the Haemek hospital, and own half the rights, while Moshav Merhavia owns the other half.

The 20,000-meter commercial center opened just a few months ago after a $30 million investment. The center's occupancy rate is 85 percent.

Sources close to the transaction said there are negotiations to broaden the mix of businesses at the Power Center. The center's stores include an Imperia supermarket, Super-Pharm, the Castro fashion, Golf clothing, Ace Buy & Build and Shekem Electric. However, the center is still undergoing construction, and is scheduled to be completed by the end of the year.

Edri and Hadif also had negotiated to sell their holding of Big Shopping Centers. Edri also owns Kanyon 8 in Kiryat Shmona, next to the city's central bus station.

Gazit Globe recently purchased the Rothschild mall in Rishon Letzion for NIS 185 million, land for offices and commercial activities in Tel Aviv for $5.5 million, and the Mikado commercial center in Tel Aviv's Tel Baruch neighborhood for NIS 58 million.

Run by Chaim Katzman, the group is eyeing additional shopping centers with the goal of owning between seven to 10.

A Gazit Globe spokesman confirmed the report.