Africa Israel sells Times Square building for $295m

Lev Leviev

Lev Leviev's company has sold the landmark Times Square building to Jared Kushner.

Africa Israel Investments Ltd. (TASE:AFIL), controlled by Lev Leviev, has reported to the Tel Aviv Stock Exchange (TASE) that it has sold its 50.1% stake in the Times Square Building in Manhattan, New York City for $295 million.

The buyer is Jared Kushner (Donald Trump's son-in-law), and he has transferred a deposit to Africa Israel pending completion of the deal. If the deal is cancelled for whatever reason then Africa Israel will receive $12.5 million. The buyer is entitled to delay completion of the deal for two periods of 45 days, with $1.25 million to be paid as a penalty for invoking each period of delay.

After the deal is completed, Africa Israel will receive a net $35 million after loans are repaid. The capital gains that the company will report in its financial statement will be immaterial.

Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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