Property & Building sells Ispro to Tnuport owners

Ispro  / Photo: Tamar Matsafi

Kidan Dahari and Yaron Adiv will pay NIS 800 million for Ispro's shopping malls after Mega-Or and Big withdrew from their acquisition agreement.

Property and Building Ltd. (TASE: PTBL) has notified the Tel Aviv Stock Exchange that it has signed an agreement to sell its shopping mall unit Ispro - The Israel Properties Rental Corp. Ltd. (TASE: IPRO) to Tnuport owners - Israeli businessmen Kidan Dahari and Yaron Adiv. The deal is for NIS 800 million but Dahari and Adiv only need pay NIS 50 million this month, with NIS 100 million due by the end of the year and NIS 650 million due by March 31, 2021.

Ispro, which is fully owned by Property & Building, which is controlled by Eduardo Elsztain's IDB Development Corp. (TASE: IDBD), has seven shopping malls in Israel.

At the end of January, Property & Building signed an agreement to sell Ispro to Mega Or and Big Shopping Centers (2004) Ltd. (TASE:BIG) for NIS 855 million. After paying NIS 15 million when signing the agreement, Mega Or and Big pulled out of the deal because of the coronavirus crisis, thus opening the way for Dahari and Adiv.

Published by Globes, Israel business news - www.globes-online.com - on April 12, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Ispro  / Photo: Tamar Matsafi
Ispro / Photo: Tamar Matsafi
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