The two lots were sold for less than earlier estimates.
George Horesh's TUIC Investments Ltd. has won the tender for Comverse Technology Inc.'s (Pink Sheets: CMVT) land in Ra'anana. Horesh paid NIS 115 million.
The value of the deal is less than preliminary estimates for the two lots in Ra'anana. The early estimates pointed to NIS 124-135 million, and possibly as much as NIS 150 million.
Horesh is the Toyota importer to Israel. Other bidders reportedly included Pangaea Real Estate Ltd. (TASE:PNGD).
Comverse published the tender for the sale of the two lots in early August. It has owned the land for about ten years.
Published by Globes [online], Israel business news - www.globes-online.com - on September 19, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
Shmulik Shelah and Ron Steinblatt