Klil Industries sold a Kiryat Motzkin lot for NIS 58.8 million
The Engel Construction and Development Group has sold the Orot Mall in Or Akiva to Ogen Yielding Real Estate Ltd. (TASE:OGEN) and Amot Investments Ltd. for NIS 91 million. Engel built the mall in 1993-95. It is fully leased.
Engel said 700 sq.m. of the mall had previously been sold to private parties, and that the company had now decided to sell the rest. Engel expects to make a pretax capital gain of NIS 32 million on the sale.
Ocif Investments and Development Ltd. (TASE:OCIF) and Alony Hetz Property and Investments Ltd. (TASE: ALHE) each own 44% of Ogen. The public owns the rest. The company has recently been buying office and commercial buildings.
Klil Industries Ltd. (TASE:KLIL) sold its 50% stake in a 26-dunam (6.5-acre) lot in Kiryat Motzkin for NIS 58.8 million. Klil sold the other half to Ganden and America Israel Investments in December 2002 for $6.9 million. Klil will make a net capital gain of NIS 35 million on the two deals.
The lot is zoned for 350 apartments.
Published by Globes [online], Israel business news - www.globes.co.il - on January 8, 2006