Now that the Tel Aviv city council has approved the deal, the three companies' boards of directors have to approve it before the final signing.
Another step has been taken toward finalizing the Tel Aviv wholesale market deal. The Tel Aviv-Jaffa city council today approved the sale of the rights for the first stage of the compound to the Gindi Investments 1 Ltd. (TASE: GIND.B1), Moshe and Igal Gindi Ltd., and Blue Square Real Estate Ltd. (TASE: BLSR) consortium for NIS 950 million with an additional upside component.
The Tel Aviv Municipality will receive 24.16% of the proceeds and Tnuva Food Industries Ltd. will receive 75.84%.
Now that the Tel Aviv city council has approved the deal, the three companies' boards of directors have to approve it before the final signing.
The sale contract has not yet been signed because of its complexity.
Published by Globes [online], Israel business news - www.globes-online.com - on March 24, 2010
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