Amot Investments Ltd. (TASE:AMOT) has bought two properties from Matthew Bronfman-controlled Isralom Properties Ltd. (TASE:ILOM) for NIS 262.5 million. Amot bought 67% of Beit Pelephone, achieving full ownership of the property, and the Cargal lot in the Lod industrial zone
Beit Pelephone is an 18,000-square meter office and commercial building with a 14,000-square meter underground parking garage in Givatayim, which is fully leased to Bezeq The Israeli Telecommunication Co. Ltd. (TASE: BEZQ) mobile subsidiary Pelephone Communications Ltd. through 2015. The net operating income (NOI) on the property is NIS 15 million.
The 105-dunam (26.25-acre) lot is occupied by 47,000-square meters of office and logistics buildings, fully leased to Cargal Ltd. (TASE: KRGL.B1) through June 2017, with two options to extend for a further 15 years altogether. The NOI is NIS 11.1 million per year.
Bronfman Fischer Real Estate Ltd. owns 75.46% of Isralom, which will report a capital gain of NIS 10 million on the sale.
In a separate development, British-Israel Investments Ltd. (TASE: BRTS), controlled by Leo Noe, has completed its merger with Iris Hagilboa Ltd. from Bronfman Fisher Investments Ltd., which acquired 8.5% of British Israel in exchange. Iris Hagilboa owns the Meuyan Soreq lot in Rishon LeZion, where Bronfman Fisher-owned IKEA Israel's second store will open in March. Bronfman also owns the controlling core in Israel Discount Bank (TASE: DSCT) together with Schron.
Alony Hetz Property and Investments Ltd. (TASE: ALHE), controlled by president and CEO Nathan Hetz owns 59.66% of Amot. Amot's share rose 2.8% at the opening today to NIS 8.77, giving a market cap of NIS 1.76 billion. Isralom's share was unchanged at NIS 15.29, giving a market cap of NIS 94.5 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 24, 2009
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