Jerusalem Economic Corp, bought eight stores from a large Swiss retailer in a buy and lease-back deal.
Fishman Holdings subsidiary Jerusalem Economic Corp. (TASE:ECJM) (JEC) is expanding its business in Central Europe. The company today announced the purchase of eight stores from a large Swiss retailer in a buy and lease-back deal. JEC bought properties with 6,751 sq.m. of space and 93 parking places for 17.8 million Swiss francs (NIS 64 million), and leased the properties back to the retail chain in 5-10 leases.
JEC said it was negotiating with a foreign bank for a non-recourse loan for 85% of the deal.
Three months ago, JEC announced a similar deal, in which it bought 17 stores from a large Swiss retailer in a buy and lease-back deal for 47.8 million Swiss francs (NIS 174 million).
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes.co.il - on February 26, 2006