A third party signed a preliminary agreement to acquire Arena Herzliya Mall from Arena Star Group Ltd. (TASE:ARNA) for approximately ILS 340 million on May 26, 2016. Under the terms, 10% of the Consideration will be deposited upon signing of the preliminary agreement and the balance will be paid upon completion. The deal is subject to signing of a definitive agreement and other pre-conditions. A third party signed a definitive agreement to acquire Arena Herzliya Mall from Arena Star Group Ltd. (TASE:ARNA) on June 14, 2016. The deal has been approved by the Board of Directors of Arena Star. The deal is expected to close during the third quarter of 2016. As of June 19, 2016, the deal is now expected to close on November 15, 2016. As on November 22, 2016, the completion date has been extended to December 4, 2016 as the consideration balance, amounting to about ILS 202 million, has not been transferred by the buyer. A third party completed the acquisition of Arena Herzliya Mall from Arena Star Group Ltd. (TASE:ARNA) on December 1, 2016.