Maslavi Construction Company Ltd. (TASE: MSLA) has notified the Tel Aviv Stock Exchange (TASE) that it has sold half the rights (30% in total) of the second stage of the Elite project in Ramat Gan for NIS 25 million plus VAT. The project is on Jabotinsky Street near the Ramat Gan Diamond Exchange district and next to the former Elite chocolate factory building, which is slated for preservation.
The buyer is Eretz Elite Ltd. owned by Tomer Koko, Ilan Lazar and Reuven Berkovitz. Prior to the sale, Maslavi had 60% of the rights of the project.
The deal is subject to approval by the land's other owners and if approved, when completed, Maslavi will recognize a capital gain of about NIS 8 million.
The Elite project in Ramat Gan includes two stages. The first stage is a 30-floor tower containing 153 apartments, which have been built and sold. The second stage is currently being planned and Maslavi hopes to receive rights to the project.
Maslavi chairman Sami Maslavi said, "as part of the company's business strategy we decided to recruit a partner so that the full potential of the project in such a unique location can be realized."
Published by Globes, Israel business news - en.globes.co.il - on December 30, 2019
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