Elco to acquire Granite Hacarmel from Azrieli Group for $290m.

Holding company Elco agreed to buy Granite Hacarmel Investments involved in marketing and producing oil products from Israeli real estate developer Azrieli Group for​ 1.02bn shekels ($290m). The move by Azrieli to sell Granite Hacarmel is part of Azrieli’s strategy to focus on​ its core real estate business.