6. Blue square Real Estate - Givon Parking , Tel AvivOn October 11, 2011, BSRE received a notice from Tel Aviv municipality (the municipality and the notice) pursuant to which, all of the conditions to approve the BOT agreement of "Givon Parking" in Tel Aviv were fulfilled, in which BSRE shall hold in equal parts with its partners in the wholesale market companies. "Givon Parking" will be composed of approximately 1,000 parking lots adjacent to the wholesale market project. On November 13, 2011, the authority for use of property was delivered for the purpose of construction work. As per BSRE, construction works shall commence in the coming weeks. In return for constructing the parking lot, BSRE and its partners shall be entitled to operate and collect rental fees for parking for a period of 23 years from delivering the authority for use of property. The total establishment cost of the parking lot including related costs is estimated at NIS 144 million (U.S $ 38.8 million), the share of BSRE is approximately NIS 72 million (U.S $ 19.4 million).
CORRECTION - Alon Holdings Blue Square Israel Ltd: Alon Holdings Blue Square - Israel Ltd. Announces Financial Results For The First Nine Months And Third Quarter Of 2011
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