AFI US, a unit of Africa-Israel Investments Ltd. (TASE:AFIL) controlled by Lev Leviev, has completed the sale of its 50.1% stake in the Times Square Building in Manhattan, New York City for NIS 1.1 billion. The deal has generated cash flow of NIS 136 million.
The Times Square building was bought by Africa-Israel in 2007 after serving as the headquarters of the "New York Times" newspaper from 1913-2007.
Africa-Israel CEO Avraham Novogrocki said that the sale of the stake in the Time Square Building represents another step in consolidating the financial solidity of the Group, strengthening its capital structure and generating major cash flow.
The deal was led by AFI US CEO Hagit Sofayev-Leviev.
Published by Globes [online], Israel business news - www.globes-online.com - on November 1, 2015
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