The firm and a partner will buy a property in Borough Park.
The Leser Group (TASE: TSLR.B1) and its US partner have bought a 6,750-square meter lot with a bowling alley in Brooklyn for an undisclosed amount. The property is at 1570 60th Street in Borough Park.
The Leser Group owns 80% of the special purpose company set up to buy the property, and the partner owns 20%. The Leser Group is a private company with two bonds traded on the TASE with a total market value of NIS 187 million. The Leser Group owner, chairman and president Abraham Leser will manage the special purpose company.
The Leser Group and its partner will share the profit and loss from the property proportionate to their holdings in it. Notwithstanding, the first $4.2 million profit will accrue in full to The Leser Group to cover the deposit in this amount.
Published by Globes [online], Israel business news - www.globes-online.com - on April 18, 2010
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