Debt-ridden Boymelgreen Capital Ltd. (TASE:BMGN), controlled by Shaya Boymelgreen, is improving its liquidity as it seeks a buyer for its 64% stake in Azorim Investment, Development and Construction Ltd. (TASE: AZRM). Sources inform ''Globes'' that Azorim is due to sell land in Netanya to a group of companies, headed by Nochi Dankner's real estate arm, Property and Building Ltd. (TASE: PTBL), for NIS 180-200 million. Azorim will report a capital gain of over NIS 50 million on the sale.
The four lots in the deal are located in the seafront Nir Yamim neighborhood in southwest Netanya. The buyers are Property and Building subsidiary Neve Gad Ltd., Bonei Hatichon Civil Engineering and Infrastructures Ltd. (TASE:BOTI), and a Netanya developer. Property and Building's parent company, IDB Holding Corp. Ltd. (TASE:IDBH) originally sold Azorim to Boymelgreen.
Early last month, Azorim published a tender for the rights to the lots, collectively known as the "Ha'Agam compound", which are zoned for residential construction. The sale is part of Azorim's sell-off of land assets in Israel and abroad.
Azorim's share price fell 0.7% today to NIS 15.25.
Published by Globes [online], Israel business news - www.globes-online.com - on December 16, 2010
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