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Israeli real estate operator Azrieli raising $864 mln in bond sale –

JERUSALEM, July 12 (Reuters) – Azrieli Group (AZRG.TA), one of Israel’s largest mall operators, said on Tuesday it was raising 3 billion shekels ($864 million) in a bond issue to institutional investors.

Demand for the offering, in which Azrieli expanded three inflation-linked bond series, was 3.7 billion shekels but the company chose to accept early commitments of 3 billion, it said.

The issue comes after the Israeli real estate developer bought a London data centre for 52 million pounds ($62 million) last month while also buying a mall in southern Israel.

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The bonds have an average duration of 8.1 years and pay an average interest rate of 2%, Azrieli said.

($1 = 3.4741 shekels)

($1 = 0.8422 pounds)

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Reporting by Steven Scheer; editing by David Evans

Our Standards: The Thomson Reuters Trust Principles.

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