Sources inform ''Globes'' that Fishman Holdings subsidiary Jerusalem Economy Ltd. (TASE:ECJM) (JEC) is in talks to sell a property in Jerusalem's Givat Shaul neighborhood for NIS 400-450 million. The 75,000-sq.m. property includes offices, commercial space, and a parking garage. It is 99% occupied, generating NIS 37.2 million rental income a year. JEC books the building at a value of NIS 415 million.
In response to reports on the talks, JEC today confirmed in a notice to the TASE that it was in talks to sell half of three properties in Givat Shaul to a third party for NIS 215 million. The company booked the value of the properties at NIS 208 million at the end of September 2009.
The building's tenants are high-quality entities with long-term leases, including the Israel Tax Authority and other government agencies.
JEC owns other income-producing properties at Atarot, Talpiot, and Har Hotzvim in Jerusalem.
JEC's share rose 325% in the past 12 months. The share rose 6% today to NIS 30.75 today, giving a market cap of NIS 1.6 billion.
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes-online.com - on January 26, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010