Isralom Properties Ltd. (TASE:ILOM), controlled by Matthew Bronfman and Shalom Fisher's Bronfman-Fisher Real Estate Ltd., has sold a property in Petah Tikva to Villar International Ltd. for NIS 63.2 million, plus VAT. Isralom expects to report a pretax profit of NIS 5 million on the sale.
The 45,000-square meter lot is occupied by six industrial buildings with a total space of 12,000 square meters. The buildings are fully leased to eight tenants, which generated NIS 4.5 million in rent in 2008
This is Isralom's fourth property sale in a month. During December, the company sold two properties to Amot Investments Ltd. (TASE:AMOT) for NIS 262.5 million and sold a third property to Aspen Group Ltd. (TASE:ASGR) for NIS 15.2 million.
Isralom's sell-off began after the company's board of directors approved the purchase of three properties from Bronfman-Fisher for NIS 46 million. The purchase, concluded last week, was contingent on Isralom converting its NIS 94 million in short-term debt to long-term debt and obtaining bank financing for 60% of the purchase price.
Published by Globes [online], Israel business news - www.globes-online.com - on January 4, 2010
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