Africa-Israel buys Manhattan's Clock Tower for $200m

Subsidiary AFI Development has bought 3 Moscow office buildings for $243 million.

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) has bought Manhattan's landmark Clock Tower on Madison Avenue for $200 million.

The Clock Tower was built in 1909 as the headquarters for the Metropolitan Life Insurance Company. The 213.5-meter tall 26,000-sq.m. tower facing Madison Square Park was added to the original 1893 building to make it the tallest in the world at the time. The Clock Tower was modelled after the clock tower of St. Mark's Cathedral in Venice, and its four bronze bells, sounds off Händel every fifteen minutes during the day and the evening. The interior decor comprises 14 murals by painter Newell Covers Wyeth.

The Clock Tower was declared a Landmark building in 1999.

Africa-Israel plans to invest $110 million to convert the office building into luxury apartments.

In a separate development, Africa-Israel’s Russian subsidiary, AFI Development plc (LSE:AFID) has acquired two Russian companies that own three office buildings in Moscow. AFI Development plans to renovate the properties, which cover an aggregate 116,700 sq.m. of built-up space. Renovations are due to be completed during the fourth quarter. The company also plans to apply for permits to add 70,000 sq.m. to the property, which will be developed for commercial space. The company estimates that it will invest $243 million to buy and renovate the buildings. The deal will be financed with proceeds from its IPO earlier this month.

Published by Globes [online], Israel business news - www.globes.co.il - on May 15, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018