Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) continues to sell assets. A local paper in Florida reported that the firm has sold an office project on Brickell Avenue in Miami for $33 million.
The property was originally bought by a partnership with Shaya Boymelgreen, but when the partnership between Boymelgreen and Africa-Israel controlling shareholder Lev Leviev broke down, the property became Leviev's holding.
In 2005, the site was bought for about $70 million, so that there is 53% loss on the deal.
The lot, at 1101 Brickell Avenue, has an 11-story office tower built 35 years ago, and a 19-story office tower built in 1985.
The buyer is reportedly Tibor Hollo, who immigrated to the US from Hungary in 1948.
Africa Israel shares have jumped 153% this year. The shares are down 2% in morning trading.
Published by Globes [online], Israel business news - www.globes-online.com - on July 2, 2009
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