Big Shopping Centers, Ltd. (TASE:BIG), Red Development LLC and an unknown buyer signed a memorandum of understanding to acquire Summit Fair Center and 50% of the rights in Summit Woods for approximately $110 million on July 26, 2016. The acquisition price for Summit Fair Center is $71 million and for Summit Woods is $38 million. Big Shopping Centers finished the due diligence process for both the assets and the transaction is expected to close in the forthcoming days. As of August 17, 2016, buyers completed the acquisition of Summit Fair Center. The acquisition of Summit Woods is still ongoing. Big Shopping Centers, Ltd. (TASE:BIG), Red Development LLC and an unknown buyer completed the acquisition of Summit Fair Center and 50% of the rights in Summit Woods on September 8, 2016.