Sources inform ''Globes'' that Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by chairman Lev Leviev, is in talks to sell its Airport City business park in Belgrade, Serbia to a Greek fund for €150 million.
Airport City Belgrade is a joint project between Africa-Israel subsidiary AFI Europe BV and Tidhar Ltd. The project has 73,450 square meters of built-up space, of which 60,000 has already been leased. An Austrian bank is financing the Airport City project.
Africa-Israel is planning to sell only the built-up space. The company's financial report says that the cost of the land is NIS 24.6 million. If a deal is clinched, the company will keep the unoccupied land for further development.
The Belgrade office rental market is undoing a shift from offices in residential properties to designated buildings located outside the city center.
As a result of the global crisis, Africa-Israel is seeking to raise at least NIS 1 billion by the end of 2009. To this end, it has put up for sale numerous properties, including the Ramat Aviv Mall and the Africa-Israel Tower in Tel Aviv, the Savionim Mall, and properties in other countries.
Africa-Israel was not available for comment by web-posting. Its share fell 3.5% today to NIS 34.55.
Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009