Financial Levers bought the property.
Tnuva Food Industries Ltd. and Hypershuk Ltd. have sold the 24-dunam (six acre) Cinema City lot in Ramat Hasharon to Israel Financial Levers Ltd. (TASE:LVR) for NIS 394 million. Financial Levers bought the property through subsidiaries MacPell Industries Ltd. (TASE:MCPL) and SLS Sails Ltd.
Tnuva and Hypershuk directly own 21 dunam (5.25 acres) of the land and lease the rest from the Israel Land Administration (ILA) under a 49-year lease with a 49-year option to extend. Financial Levers will pay Tnuva NIS 312 million for its property and pay Hypershuk NIS 82 million.
Tnuva's part of the lot includes 22,500 square meters of office and commercial space and 4,000 square meters of warehouses. Hypershuk's land includes 6,800 square meters of commercial space and warehouses. The properties are fully leased. The lot includes 13,000 square meters in building rights that are not included in the memorandum of understanding (MOU). Financial Levers has an option to buy these rights.
Published by Globes [online], Israel business news - www.globes-online.com - on July 23, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008