The company bought the land, slated for the Galleria Mall project, in June.
Azorim Investment, Development and Construction Ltd. (TASE: AZRM) subsidiary Rich Oak Properties LLC is selling the 8.5-acre lot slated for the Galleria Mall project in Houston for $57.5 million. to Lasco Ventures The company expects to close the sale by December 31.
Azorim bought the land in November for $34 million. The company said at the time that it planned to build a 200,000-sq.m. residential and commercial project on part of the site at an investment of $550 million, and that it planned to finance a quarter of the cost from its own resources and the rest with loans from a local bank. The company has other projects under development in the city.
The company will report a pretax capital gain of $23.5 million on the sale.
Azorim chairman Shaya Boymelgreen controls the company through Boymelgreen Capital Ltd. (TASE:BMGN).
Published by Globes [online], Israel business news - www.globes.co.il - on October 16, 2007
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