Yitzhak Mirilashvili buys Lod offices for NIS 130m

The five-building complex includes Telrad's headquarters.

Sources inform ''Globes'' that Internet billionaire Yitzhak Mirilashvili has bought an office complex in the Lod industrial zone from Telrad Networks Ltd. for NIS 129.5 million. The purchase comes a month after he acquired control of D. Rothstein Construction & Assets Co. Ltd. (TASE:ROTS). Telrad announced the sale, without mentioning the buyer's name, in its prospectus for a Tel Aviv Stock Exchange (TASE) IPO.

The five-building complex includes Telrad's headquarters, which the rest of the space leased to other tenants. The land has 23,000 square meters in unused building rights.

As a result of the sale, Telrad swung from $11.2 million in negative equity at the end of 2013 to $13.5 million. The company plans to raise NIS 100 million at a company value of NIS 380-400 million, after money. The company is controlled by Fortissimo Capital, which acquired it for NIS 100 million from Koor Industries Ltd. (TASE:KOR). Under Fortissimo's control, the company refocused and restructured in 2009-10, following the collapse of Nortel Networks, which was responsible for over half of Telrad's sales.

Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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