One of Israel’s largest and most profitable gas stations is up for sale. Sources inform ''Globes'' that the Paz Hasayarim gas station, owned by the Niv family and leased to Paz Oil Company Ltd. (TASE:PZOL), has been put up for sale for NIS 100 million.
Paz Hasayarim is one of the largest gas stations in central Israel, located on Road no. 4 (Geha Road) north of the Rishon Lezion exit. Thousands of vehicles refuel there every day. The gas station reportedly sells 2.5 million liters of fuel a month and is very profitable. The Niv family owns a number of gas stations and other properties.
Paz, now controlled by Zadik Bino through Bino Holdings Ltd., has leased the Paz Hasayarim gas station for many years. Paz reportedly pays NIS 1 million in rent a month, giving a net yield of 8-10%. Fuel industry sources say that Paz recently offered to buy the gas station for NIS 80-100 million, but that bidding could boost the price tag to NIS 120 million.
Paz declined to comment on the report.
Published by Globes [online], Israel business news - www.globes.co.il - on October 8, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007