© Reuters.
| Dror Nir Castel, the real estate center
Properties and Building (TASE:) received an offer to purchase its plot of land in Hadera for NIS 166 million. This is according to its announcement today (Tuesday) to the stock exchange. The company received the offer yesterday from a third party that is not related to it. This is an irrevocable offer (the offeror cannot withdraw) for the purchase of the full rights to the land, which currently allow the construction of approximately 420 housing units.
This is land that bought properties and a building through the subsidiary Neve from Way-Box (TASE:) in December 2019. The land is 52 dunams in size and is located in the northeastern part of Hadera, with an approved zoning plan that combines textured construction and attached to land.
Properties and Benin owns 65% of the rights to the land, while Way Box is left with 35%. Accordingly, the share of assets and building in exchange, according to the proposal, is as mentioned about NIS 166 million.
With the completion of the transaction, Properties and Building is expected to record a profit of approximately NIS 50 million in respect of the transaction, at the time of its completion and subject to its completion. The flow as a result of the transaction is expected to be about NIS 100 million.
If the offer materializes, it will be part of an exercise to reduce the debt of DSK (TASE:), after it announced this week about the failure to sell the HSBC (HK:) building in New York, after the bidder’s exclusivity period expired, and after a long period of time that it has not been able to sell it.
Assets and Building has a debt of more than NIS 15 billion, while DSKSH has a debt of more than NIS 23 billion.
Read the full article on the Real Estate Center website