Elran (DD) Israel Real Estate Ltd. controlled by cousins co-chairmen Gad Dankner and Dori Dankner, has sold its 37.5 percent in Atlas Management Company Ltd. the property manager of Atlas Estates Ltd. (AIM:ATLS) to Elran's partners, RP Capital Group Ltd. and BCRE Izaki Properties, for â?¬6.5 million. Following the sale, RP will own 51 percent of Atlas Management Company, and Izaki Properties will own 49 percent.
Elran Real Estate owns 9 percent of Atlas Estates, which is registered in the Channel Island of Guernsey. This holding is not affected by the present deal.
Gadi Dankner and Dori Dankner will resign as directors of Atlas Management Company and from the investment committee of Atlas Estates.
