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Bethel Finance news:
Africa-Israel Investments Ltd. (TASE:AFIL) today announced that subsidairy AFI USA Inc. has completed the sale of Manhattan's Clock Tower building to Marriott International Inc. (NYSE: MAR) for $165 million. AFI USA will report a net cash flow of $86.3 million, after paying off the $68.5 million loan on the property.
Africa-Israel bought the Clock Tower at Herald Square for NIS 776 million in 2007, and began renovating the building for luxury condos at a cost. It books the property at a value of NIS 578 million, and it carries a non-recourse loan of NIS 207 million, which bears 10% annual interest.
Africa-Israel's share price fell 1.7% by midday to NIS 13.43, giving a market cap of NIS 1.6 billion.
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