Africa-Israel Investments and contractors Gabi Edri and Moshe Hadif will build 750 housing units.
Africa-Israel Investments (TASE:AFIL) and contractors Gabi Edri and Moshe Hadif have concluded a deal to buy a compound, zoned for 750 housing units, between Afula and Ha’emek Hospital, from Kibbutz Merhavia for $35 million. Africa-Israel will own half the project and the contractors 25% each.
The deal was carried out under Israel Land Administration (ILA) Resolution 727, and is contingent on the anticipated changes in the resolution. Part of the proceeds will go to the ILA, and the rest to the bank’s, mostly Bank Hapoalim (LSE:BKHD; TASE:POLI) to defray Merhavia’s debts, as part of the kibbutz debt arrangement deal. The deal has not yet been signed, as the developers are waiting for ILA’s decision.
Published by Globes [online] - www.globes.co.il - on June 29, 2003