Comverse Technology Inc. (Pink Sheets: CMVT) has put up for sale two lots in Ra'anana with a total area of 55 dunam (13.75 acres), zoned for high-tech offices. The company published a tender for the lots yesterday. The company is selling the lots, which it has owned for ten years, after decided that it will not build on them anytime soon.
Comverse had planned to build Comverse House on the land, but the project never got underway. The company is selling the land "as is"
Comverse did not state an asking price for the lots, but real estate sources estimate that the company can get NIS 124-135 million for them, at a price of $600,000-650,000 per dunam ($1.2-1.4 million per acre).
MAN Properties Ltd. is handling the sale of the lots on Dolev Street in Kiryat Etgarim in the north Ra'anana industrial zone. One lot is 39.3-dunam (9.8-acre) and the other is 15.3 dunam (3.8-dunam).
The tender will close on September 1.
Published by Globes [online], Israel business news - www.globes-online.com - on August 9, 2010
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