Ganden acquires 36% of Azorim Properties for $32 million

The Ganden group today acquired another 36% of Azorim Properties for $32 million.

Ganden exercised its two options to acquire the remaining holdings of Azorim Investment, Development & Construction(TASE: AZRM ) in Azorim Properties (TASE: AZOR ) , increasing its interest to 83%.

Ganden Investments Chairman Nochi Dankner said that the fact that the exercise of options was moved forward indicates that Ganden is pleased with the company it acquired and its management. He said this marks Ganden's optimism about the future of the Israeli economy and real estate market, despite the difficult times.

Dankner added that Ganden is planning to use Azorim Properties as a platform for Ganden's activity in the income-bearing real estate market in Israel and overseas. He said that Ganden will probably soon change the name of the acquired company, so that it will be identified with Ganden.