Mishorim chairman Gil Blutrich
Value of Canada mall purchased by Mishorim up 73%
Israeli real estate firm says will continue to develop mall until its value reaches 18 million Canadian dollars
Mishorim Development Group Ltd. said the value of the mall it purchased in Quebec has increased by 73% and now stands at 13 million Canadian dollars, Yedioth Ahronoth reported on Monday.
The Tel Aviv-based real estate company purchased the mall for 7.5 million Canadian dollars last year.
Mishorim, which operates in Canada through Skyline International Development, is expected to list the increased value of the asset in its quarterly reports, but it does not plan on selling the mall anytime soon.
The company said it would continue to develop the mall with the aim of increasing its value to 18 million Canadian dollars within the next three years.
Mishorim's stock has dropped in recent months but has yielded an impressive return rate of 55% since the beginning of the year.
