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A real estate group is lining up a proposal to buy dairy cooperative Tara for NIS 220 million.

The Tara Cooperative Society called a shareholders meeting for September 17, 2002, to discuss its central committee's recommendation to sell the society to the Geyer group.

The deal requires a 75% majority of the society's 38 families and 944 members.

The deal, which would be done via

Omega Partners (TASE:


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) and Marlaz Shore Area Construction Property and Holding's subsidiary

DJG Factory of Electrical Supplies (TASE:


), would buy membership certificates in the society.

The society's primary assets are the Tara dairy on Yigal Alon Street in Tel Aviv, and four distribution centers in Beer Sheva, Haifa, Jerusalem and Rishon LeZion.

Tara netted NIS 15 million on NIS 650 million turnover in 2001, creating NIS 30 million cash flow. Tara declined to comment for this report.