Profit sells Chinese Embassy to French investor

Profit Construction Industries Ltd. (TASE: PROB) has sold the Chinese Embassy building to a French investor for NIS 20.6 million. The investor does not live in Israel.

The Chinese Embassy pays NIS 130,000 a month in rent for the 2,000-square meter building at 222 Hayarkon St. in Tel Aviv. The building has seven floors plus a two-floor underground garage.

Profit Construction will report a NIS 7 million positive cash flow and a pretax capital gain of NIS 500,000 on the sale. The company develops and leases income-producing properties. Its properties include office building and shopping centers in Israel, the UK, Switzerland, Germany, Poland, and Romania.

Published by Globes [online], Israel business news - www.globes-online.com - on October 19, 2008