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. Last Updated: 07/27/2016

Jelmoli Sells Properties for $2.5Bln

GENEVA -- Jelmoli Holding, the 110-year-old Swiss department-store owner that's splitting itself up, agreed to sell 88 properties to Israeli investors for 3.05 billion Swiss francs ($2.5 billion).

Delek Real Estate and Igal Ahouvi's Blenheim Properties will buy assets including stores, shopping centers, office buildings, warehouses and apartments. The deal includes Jelmoli's store on Zurich's luxury shopping district and the Grand Passage, Geneva's oldest department store. It will be the largest Swiss property deal, Delek said in a statement last week.

In 2005, Jelmoli expanded into Russian retail property. It paid 90 million francs for 49 percent of Hypercenter Investment, the developer of the Mosmart store chain in Moscow and St. Petersburg. The company, named after founder Johann Peter Jelmoli-Ciolina, is keeping those investments.