Shlomo Insurance sold a plot of 35,000 square meters in Ashkelon to the Semlat Group for NIS 103.5 million. The company sold the land after holding it for four years.
The full rights to the lot have now been acquired by the Sergeant Group, Assyria Emunah for the import of Subaru, Jeep, Fiat, Alfa Romeo, Mazarti, Ferrari, Iveco and more in Israel. The Sergeant Group leases the lot from Shlomo Insurance, which in recent years has used it as a logistics complex for the preparation of the company’s vehicles.
In 2017, Shlomo Insurance purchased the land from the Minrav holding group for NIS 35 million. The value of the property in the financial statements of Shlomo Insurance at the end of the third quarter was approximately NIS 55 million. Recognition of profit as a result of the transaction will be made in accordance with the revaluation of the property in the financial statements of Shlomo Insurance at the end of the fourth quarter of 2021, when the balance of profit, as the transaction is completed, will be recognized in Shlomo Insurance’s financial statements for the first quarter of 2022.
The sale was made as part of the management of Shlomo Insurance’s investment portfolio. The full consideration under the sale agreement is expected to be received by Shlomo Insurance by the end of May 2022.
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