Sources inform ''Globes'' that Magicfuture Ltd., owned by Boris Levin and Mordechai Kirschenbaum, have bought assisted living facilities manager Mishkenot Clal (1982) Ltd. from British-Israel Investments Ltd. (TASE: BRTS), controlled by Leo Noe, at a value of NIS 200 million. Mishkenot Clal has NIS 1 billion in assets and NIS 200 million in liabilities.
This is a major deal for assisted living facilities company Magicfuture, which owns a luxury facility in Ramat Hasharon. Mishkenot Clal owns facilities in Kfar Saba, Nordia, Savion, and Bat Yam under the Mediterranean Towers label. The company owns the land on which the facilities are located. It also owns land slated for development in Ganei Tikva in Petah Tikva, and elsewhere.
Mishkenot Clal has a net operating income (NOI) of NIS 30 million on NIS 100 million revenue a year.
Magicfuture will partner with Europort Ltd. (TASE:ERPT.B1), KCPS Private Equity and the Bereshit Group. The three companies will inject NIS 175 million into Mishkenot Clal through Magicfuture, of which NIS 100 million will be a loan.
When the transaction is complete, Europort will own 22% of Magicfuture, Beresheit Group debt recycling fund will own 18.5%, and KCPS will own 15%. Levin and Kircshenbaum will own the remaining 44.5% in equal shares. Kirschenbaum owns the controlling interest in Europort and is its CEO.
British-Israel's share rose 0.2% in early trading on the TAST to NIS 9.55, giving a market cap of NIS 1.44 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on December 10, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009