The company sold its holding in the M1 office building to Hamizrach Holding for NIS 33 million.
Kardan Israel Ltd. (TASE:KRIS) subsidiary Kardan Real Estate Initiative and Development Ltd. has sold its holding in the M1 office building in Rishon LeZion to Hamizrach Holding Ltd. for NIS 33 million.
The 3,800-square meter M1 building on Moshe Levy St. in the new industrial zone of Rishon LeZion is a commercial building occupied by the central garage and parking for Isuzu, Chevrolet, and Cadillac importer Universal Motors Israel Ltd. (UMI).
Kardan Israel expects to report a cash flow of NIS 30 million and a profit of NIS 3.5 million on the sale. Kardan Israel's share rose 4.1% today to NIS 7.96.
Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010