Africa-Israel sells Wall St. building rights for $325m

If the sale of 14 Wall Street is closed, Africa-Israel will report a pretax capital gain of $55 million.

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) has sold the rights to the office building at 14 Wall Street to a foreign company for $325 million. The sale was transacted through two subsidiaries each of which Africa-Israel owns 65%.

A down payment of $16.25 million was paid in an escrow account. The sale is expected to be closed within 90 days, after obtaining the necessary permits, including the consent of the building’s main tenants. The building is 70% occupied.

If the deal is closed, Africa-Israel will report a pretax capital gain of $55 million.

Published by Globes [online], Israel business news - www.globes.co.il - on January 21, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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