Skyline sold 18 condominiums in its Cosmopolitan project for C$5.3 million.
Mishorim Development Ltd. (TASE:MSHR) and Israel Land Development Company (TASE: ILDC) Canadian joint real estate venture Skyline International Development Inc. sold 18 of the 34 condominiums offered at a fair for its Cosmopolitan high-rise project in Toronto. The sales totaled C$5.3 million (NIS 18.9 million).
Mishorim said that it expects to report a capital gain of C$861,000 (NIS 3.1 million) on the sales in its financial report. When the sales are completed, the company will still own 12 condominiums in the project, as well as commercial space. Skyline also has the right to operate rental and hotel activities in the building.
Published by Globes [online], Israel business news - www.globes-online.com - on December 8, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009
Globes' correspondent and Hillel Koren