In another blow for Africa-Israel Investments Ltd. (TASE:AFIL), which is the midst of a debt arrangement, it was reported today that the sale of office buildings in Bucharest, which was to have yielded cash flow of NIS 288 million and a post-tax capital gain of NIS 19 million, has been cancelled. Africa-Israel unit Africa Israel Properties (TASE: AFPR) reported to the Tel Aviv Stock Exchange that its subsidiary AFI Europe had been notified by the prospective buyer of cancellation of the deal to buy buildings 4-5 in AFI Park despite the signing of a letter of intent. The buyer stated that it would not continue negotiations on the deal, although Africa Israel Properties said that the possibility of further discussion was mentioned in a telephone conversation between representatives of the parties. RELATED ARTICLES Saidoff ups bid, nears acquisition of Africa-Israel Ben-Moshe, Leviev quit race for Africa-Israel Africa Israel Properties also said that the agreement for the sale of buildings 1-3 for €90 million was still subject to fulfillment of preconditions; in other words, that sale too is not making progress. Published by Globes [online], Israel business news - www.globes-online.com - on July 25, 2017 © Copyright of Globes Publisher Itonut (1983) Ltd. 2017
