The Africa-Israel unit expects to report a net profit of €9 million on the sale.
Lev Leviev-controlled Africa-Israel Investments Ltd. (TASE:AFIL) Central European development arm AFI Europe NV has signed a letter of intent to sell its half of the Palace Flora commercial and office complex in Prague for €22 million, net of expenses. AFI Europe expects to report a net profit of €9 million on the sale.
AFI Europe did not disclose the name of the buyer.
Palace Flora has a four-floor 20,000-square meter shopping and entertainment mall and 18,000 square meters of office space.
Africa-Israel owns AFI Europe through Africa-Israel Properties Ltd. (TASE: AFPR). Africa-Israel's share price 0.9% in morning trading to NIS 21.29, giving a market cap of NIS 2.5 billion, and Africa-Israel Properties' share price rose 1.4% to NIS 34.02, giving a market cap of NIS 955 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 28, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011