Talks have collapsed between Bank Leumi, which holds a lien on the real estate company, and the Nakash brothers.
Talks between Bank Leumi (TASE: LUMI) and its Ampa Real Estate partners for the sale of the controlling stake in Jerusalem Economy Ltd. (TASE:ECJM) (JEC) collapsed last night, market sources believe. The main reason was a difference of opinion between the bank and the buyers, the Nakash brothers.
Bank Leumi holds a controlling interest in Jerusalem economy through a lien on Eliezer Fishman's debt.
In the deal being formed, the Nakash brothers were supposed to invest NIS 550 million, while Bank Leumi would extend a NIS 190 million loan to Jerusalem Economy and institutional investors would inject a further NIS 110 million.
Eliezer Fishman is the controlling shareholder in "Globes."
Published by Globes [online], Israel business news - www.globes-online.com - on October 28, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015
Rafi and Joe Nakash