The IKEA compound in Netanya
Photo: Galit Kosovsky
IKEA compound sold for $41 million
Isralom Properties, British Israel Investments buy 10,000 square foot compound, giving British Israel full ownership of the property
The IKEA compound in Netanya has been sold for $41 million, Yedioth Ahronot published Sunday.
The acquisition was made as a joint venture by Mathew Bronfman and Shalom Fisher's Isralom Properties and Leo Noe's British Israel Investments.
The 10,800 square foot compound, which had been rented so far, is now owned by IKEA Israel's proprietor and Noe malls.
British Israel owns 33% of the compound, and Israelom has 66% of it.
The two companies are currently in the process of building a second IKEA compound, this time in Rishon Lezion.
The project is pending the outcome of a court hearing of a petition filed by the city's merchants, claiming the intended land was meant for an industrial area, not a commercial one.
