Sources inform ''Globes'' that Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) is in negotiations with the Hof Hacarmel Regional Council on the development of NIS 154 million 223-unit residential project and shopping center in Atlit. The project is located near the town entrance. When completed, the Savionei Atlit project will have 452 houses of 150-170 square meters each.
Africa-Israel Housing and the regional council are negotiating a contract, under which the company will build the new neighborhood's infrastructure, at an estimated cost of NIS 20 million, in exchange for an exemption on fees. Construction of the houses will cost an estimated NIS 134 million.
Tuesday, July 15, 2008
Thursday, July 10, 2008
NIS 1.8b price tag for Africa-Israel malls
Azrieli Group is buying five malls from Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) for NIS 1.8 billion. "Globes" earlier estimated the price tag at NIS 2 billion. The malls, held through Africa-Israel Properties Ltd. (TASE: AFPR) are the Ramat Aviv Mall in Tel Aviv, the Savionim Mall in Yehud, the Lev Talpiot Mall in Jerusalem, the Bama Center in Ganei Tikva, and the City Center Mall in Haifa. Africa-Israel's stakes in the properties range from 40% to 100%.
Africa-Israel Properties added that the parties were still considering alternative structures for the deal.
Africa-Israel Properties added that the parties were still considering alternative structures for the deal.
Friday, July 04, 2008
Tel Aviv suffers from real estate, tech weakness
Late in the trading day, the Tel Aviv Stock Exchange's benchmark TA-25 Index was down 1.41% at 1082.40, and the TA-100 Index shed 1.57% to 984.64.
The Tel-Tech Index of 15 top technology issues lost 3.43% to 220.20, and the Real Estate 15 Index gave up 2.3% to 444.07.
On Thursday, the TA-25 finished 2.17% down. The tumble followed woes on Wall Street Thursday and Friday, when the Dow Jones Industrial Average fell almost 4%, briefly nudging into bear-market territory on record oil prices and a slumping financial sector.
The Tel-Tech Index of 15 top technology issues lost 3.43% to 220.20, and the Real Estate 15 Index gave up 2.3% to 444.07.
On Thursday, the TA-25 finished 2.17% down. The tumble followed woes on Wall Street Thursday and Friday, when the Dow Jones Industrial Average fell almost 4%, briefly nudging into bear-market territory on record oil prices and a slumping financial sector.
Wednesday, July 02, 2008
Africa Israel says it can service debt without asset sales
Africa Israel Investments Ltd., diamond billionaire Lev Leviev's real estate holding company, has no need to divest assets to pay down debt after selling shares last week, Chief Executive Officer Izzy Cohen said.
The property company would only sell Israeli real estate if a disposal yielded better returns than holding on to the assets, Cohen, said at a press conference in Tel Aviv on Sunday.
"Africa Israel is servicing its debt, and there's no particular reason to sell assets to service it," said Cohen, who took over as CEO two weeks ago.
The property company would only sell Israeli real estate if a disposal yielded better returns than holding on to the assets, Cohen, said at a press conference in Tel Aviv on Sunday.
"Africa Israel is servicing its debt, and there's no particular reason to sell assets to service it," said Cohen, who took over as CEO two weeks ago.
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