The company’s assets include a Tel Aviv parking lot zoned for 190 housing units and 145 parking spaces.
At the end of last week, OD Diamonds International general manager Oded D. Dessau bought 50% of EMD Real Estate Development and Investment from the Dan Cooperative Society for Public Transport. The purchase, made through Golan Fine Crafts, was at a company value of $150 million.
A few months ago, Dessau negotiated with Mediterranean Properties and Investments (MPI), controlled by chairman Eyal Yona and Amnon Barzilai, to buy 22.5% of EMD for NIS 75 million, reflecting a company value of NIS 433 million. However, Dan Cooperative exercised its first refusal rights to buy MPI’s stake in EMD. EMD’s value in the current deal with Dessau is more than 50% higher.
EMD’s assets include a parking lot in Bat Yam zoned for 25,000 sq.m. of offices, a parking lot on Arlosorov Street in Tel Aviv zoned for 190 housing units and 145 parking spaces, an Avis Israel parking lot in Ramat Gan zoned for 9,000 sq.m., part of a Dan Cooperative parking lot in Shikun Dan in Tel Aviv, and a controlling interest in Dan Rent-A-Car (Avis Israel).
Published by Globes [online] - www.globes.co.il - on December 18, 2005