The company will lease back at least part of the space.
Sources inform ''Globes'' that Gmul Investment Co. Ltd. (TASE: GMUL) subsidiary Gmul Residential Real Estate Ltd. (TASE:GMND.B1) is seeking a buyer for its headquarters. The company is asking NIS 27 million for the 2,100-square meter 23rd floor of the Levinstein Building in Tel Aviv in a sell and lease-back deal. It is not clear whether Gmul Real Estate will lease back all of the space, or just part of it.
Gmul Real Estate develops residential properties. The auditors for Gmul Investments, controlled by Leon Recanati, published a going concern warning for the company earlier this month.
Published by Globes [online], Israel business news - www.globes-online.com - on December 21, 2008
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