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Azrieli Group allegedly spends $35.3m on data centre land in Israel

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Israeli real estate company Azrieli Group Ltd. (TASE: AZRG) has reportedly purchased land on the Tnuvot industrial zone east of Kfar Yona, near Netanya in Israel, according to Globes’ sources.

According to people who are familiar with the matter, Azrieli is set to fork out $35.3 million (NIS 118.5 million) for the land and plans to use that plot to build a data centre for online retail giant Amazon (NASDAQ: AMZN).

The land covers 6.5 acres and it has been said that the company will construct a building that is tens of thousands of square metres in size.

Despite the fact that the company has declined to comment, sources told Globes that Azrieli is planning to buy a third plot for a data centre facility at the Har Tuv Industrial Zone near Beit Shemesh in Israel.

The Azrieli Group has been involved in the initiation, construction, development and management of malls and offices for around 35 years and the company is the largest income-producing real estate company in Israel.

The company owns a total leasable area of approximately 1.2 million-sqm, with 750,000-sqm in the planning stages or under construction.

The firm is the sole owner of seventeen shopping malls, which are among the biggest malls in Israel, including the Jerusalem Mall, Azrieli Tel Aviv Mall, the Ayalon Mall, Negev Mall, Holon Mall, Hod Hasharon Mall, Herzliya Outlet, Modi’in Mall, Givatayim Mall, Haifa Mall, Ramla Mall, Rishonim Mall, Azrieli Ra’anana Mall and more.