JEC will report a profit of NIS 59 million on the deal.
Fishman Holdings unit Jerusalem Economy Ltd. (TASE:ECJM) (JEC) has sold 15 French properties, held through a foreign subsidiary, at a profit of NIS 59 million. The properties are booked at a value of NIS 1.32 billion and carry NIS 1.38 billion in debt, including a NIS 1.08 billion in a non-recourse loan, due to be repaid at the end of July.
JEC will transfer control of the subsidiary to the buyer in exchange for 50% of future profits from the properties or their sale, after repaying the loan and refunding the buyer's expenses. The buyer has 30 days to complete due diligence and sign a binding agreement.
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes-online.com - on May 29, 2013
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