Berggruen Residential's bonds rose 13.5% by midday today.
Luxury developer Berggruen Residential Ltd. (TASE:BRGN.B1) last week sold half of its shares to Hagag-Cohen Investment Ltd. for NIS 60.18 million in the form of an owners' loan. Berggruen Residential's bonds rose 13.5% by midday today on the news.
Hagag-Cohen will pay Berggruen Residential NIS 40.12 million when the deal is closed, and the remaining NIS 20.06 million 90 days later.
Berggruen Residential is building a luxury Meier Tower on Rothschild at the corner of Rothschild Boulevard and Allenby Street in Tel Aviv.
Published by Globes [online], Israel business news - www.globes-online.com - on April 12, 2009
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