Rani Zim Shopping Centers Ltd (TASE:RANI) signed an agreement to acquire Dead Sea Ltd for approximately NIS 150 million on June 26, 2023. The company estimates that the improvement of the property will increase the occupancy rate to about 100%, and will increase the annual NOI by NIS 14 million to NIS 20 million. As of the date of holding, Rani Zim will be entitled to receive the full rent and management fees from the mall's tenants. The company further notes that out of the purchase amounting to NIS 152 million, NIS 119 million will be used to dispose of the mortgage registered on the seller's rights in the property, and the company intends to pay this amount through financing from a banking corporation, including by assignment of obligations in connection with the loan by the lending bank to the seller. Israel Aziel and Yael Mirone Mezamer of Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co. acted as legal advisor to Rani Zim Shopping Centers.

Rani Zim Shopping Centers Ltd (TASE:RANI) completed the acquisition of Dead Sea Ltd on July 31, 2023.