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Dankner buys 25% of Givatayim Mall.

Israel Business Arena

| May 18, 2006 | COPYRIGHT 2006 Globes. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Israel Business Arena)

IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Property and Building Ltd. (TASE: PTBL) yesterday bought the 25% stake of Israel Phoenix Assurance Ltd. (TASE: PHOE1;PHOE5) in the Givatayim Mall for NIS 147 million. Globes yesterday reported that Property and Building is expected to buy an additional 25% of the mall from Shikun Ovdim Ltd. within 45 days, using Phoenix's first refusal rights. Nochi Dankner is the chairman and controlling shareholder of IDB.

Property and Building will pay 5% purchase tax on the deal. If it buys an additional 25% of the mall, the company will pay NIS 15 million property tax altogether.

IDB subsidiary Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) owns the remaining rights to the Givatayim Mall. The present sale is conditional on Property and Building buying the outstanding 25% stake in the mall from Shkiun Ovdim and reach 50% ownership. If no agreement is reached, Dankner can cancel ...

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