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Israel Land Development Malls and Shopping Centers, a subsidiary of the Tel Aviv-traded Israel Land Development Corporation, is spreading abroad.

The company today reported its first deal outside Israel. It says it reached an understanding to acquire a 125-acre plot and 15,000 square-meter mall in Ontario, Canada, for $17.5 million.

The company says the mall is entirely rented out. Rental income totals about $2 million a year, the company says.

It plans to finance the deal through bank credit, subject to obtaining the credit and finalization of an agreement.

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Israel Land Development Malls and Shopping Centers specializes in initiating, establishing and running open-space malls and centers.

The company's income for the first half of 2001 was NIS 26.2 million, up 380% from the first six months of 2000. it netted NIS 621,000 for the first half, up 58% from the corresponding period of last year.