Malls cover 650,000 square feet (illustration)
Photo: GPO
A group of investors led by Israel's Elbit Imaging Ltd. says it will buy seven US malls for $75 million from Australia's Charter Hall Retail.
The malls, four in Georgia, two in Oregon and one in Florida, have an annual operating income of around $7 million, Elbit said in a statement.
The malls cover 650,000 square feet and have an occupancy rate of 91% with tenants including Publix, Kroger, Albertsons, Safeway, Trader Joe's, Marshalls and Petsmart.
The buyer will be a new fund jointly set up by Elbit; its Dutch subsidiary Plaza Centers N.V.; Delaware-registered Eastgate Property LLC, which is privately held; and by EPN Real Estate Fund LP, a US-based joint venture of the first three.
Charter Hall has been steadily selling its US properties.
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