www.bethelfinance.com
Fishman Holdings subsidiary Jerusalem Economy Ltd. (TASE:ECJM) (JEC) has signed an agreement to sell 19 properties in Switzerland for CHF 36.7 million (NIS 153.1 million), including owner's loans on the properties. JEC expects to report a free cash flow of CHF 33 million (NIS 137.8 million) and a pretax loss of NIS 33.7 million on the sale, which will be reported in the financial report for the fourth quarter of 2011.
The sale will reduce JEC's assets by NIS 558.5 million and its bank debt by NIS 371.6 million.
The properties include 568 apartments and an 8,120-square meter shopping center.
This is the latest property sale by JEC and its affiliates Industrial Buildings Corp. (TASE: IBLD) and Darban Investments Ltd. Last week, Industrial Buildings and Darban sold a property in the Tribeca neighborhood of Manhattan for $44.3 million.
Eliezer Fishman is the controlling shareholder in “Globes”.
JEC's share price rose 0.5% today to NIS 24.37, giving a market cap of NIS 1.99 billion.
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