Gindi Holdings Ltd. is expanding its presence in the Em Hamoshavot neighborhood of Petah Tikva. The company has bought the rights of Leon Recanati-controlled Gmul Investment Co. Ltd. (TASE: GMUL) unit Gmul Residential Real Estate Ltd. (TASE:GMND.B1) to eight lots, zoned for a total of 523 apartments, for NIS 176 million.
Gmul Residential Real Estate expects to report a pretax capital gain of NIS 40 million on the sale.
In August, Gindi Holdings told "Globes" that, buy the end of the year, it planned to buy land, zoned for 1,500 apartments, for NIS 500-600 million. The company has already built about 1,000 apartments in Em Hamoshavot.
Gindi Holdings' current flagship project is the luxury Sarona project planned in the South Kirya compound in Tel Aviv.
Published by Globes [online], Israel business news - www.globes-online.com - on December 6, 2009
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