Skyline Investments Inc., the Canadian development arm of Mishorim Development Ltd. (TASE:MSHR) and Israel Land Development Company (TASE: ILDC), has sold a 1,200-square meter lot in Toronto for C$39 million (NIS 145 million). The lot at 66 Temperance Street, is zoned for the construction of a 42,000-square meter office building, Skyline Tower.
Skyline bought the lot in January 2008 for C$24.1 million (NIS 93 million), and Mishorim books the property at a value of NIS 136.4 million. After repaying the C$13 million mortgage on the property, Mishorim will have a surplus cash flow of NIS 96 million.
Mishorim president Gil Blutrich said, "Skyline Tower is another example of Mishorim's strategy - buy, redevelop, and sale at a substantially higher value."
Mishorim's share price rose 3.4% by early afternoon to NIS 9.90, giving a market cap of NIS 230 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 25, 2011
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