Assuta Medical Centers Ltd. owner Maccabi Healthcare Services today completed its acquisition of the hospital complex in Ramat Hahayal in Tel Aviv from Ogen Yielding Real Estate Ltd. (TASE:OGEN) for NIS 892 million. "Globes" was the first to report on the pending deal in September 2008.
Shlomo Eisenberg-controlled Isras Investment Co. (TASE: ISRS) controls Ogen through Ocif Investments and Development Ltd. (TASE: OCIF). The Assuta complex comprises over 49,750 square meters of built space and land slated for the construction of a 13,500-square meter medical center.
Ogen will report a pretax capital gain of NIS 149 million on the sale, and Ocif will report a pretax capital gain of NIS 11 million.
Eisenberg told "Globes", "This is one of the largest real estate deals in Israel. Ogen has become one of the most liquid real estate companies, with more than NIS 700 million available for investment. We're seeking income-producing properties in order to exploit the law allowing the betterment tax to be deferred if we use the proceeds to buy income-producing properties now."
Maccabi decided to buy the Assuta complex rather than rent the property under a long-term lease, because an outright purchase will save it money in the long run. Maccabi is financing the purchase with a loan from Bank Leumi (TASE: LUMI).
Published by Globes [online], Israel business news - www.globes-online.com - on May 20, 2009
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