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.

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.