The Phoenix Holdings Ltd. (TASE:PHOE1) and others acquired a 50% stake in a portfolio of 22 commercial centers in Texas from Investcorp Bank BSC for $170 million on January 3, 2013. The Phoenix Holdings Ltd paid $85 million for the 25% stake it acquired in the deal. The majority of financing for Phoenix's acquisition will come from non-recourse loans. The portfolio generates a yearly net operating income of more than $26 million.


The Phoenix Holdings Ltd. (TASE:PHOE1) and others completed the acquisition of a 50% stake in a portfolio of 22 commercial centers in Texas from Investcorp Bank BSC on January 3, 2013.