Sale Agreement of a Commercial Center in Winnipeg, Canada for 40.5 million Canadian Dollars;
Sale of high-tech office and commercial building at Har Hotzvim in Jerusalem for NIS 40 million
Jerusalem Economy completed the sale of it part (100%) on the commercial center in Winnipeg Canada for 40.5 million Canadian Dollars (approximately 142.2 million NIS). The size of the center is 25,000 sqm.
The amount of 23.9 million Canadian Dollars (approximately 83.9 million NIS) out of the purchase consideration shall serve for returning a secured loan taken by the subsidiary and to finance the costs of the sale, and the balance in the amount of 16.6 million Canadian Dollars (approximately 58.3 million NIS) shall remain with the company.
Earlier last week, the Company sold a high-tech office and commercial building at Har Hotzvim in Jerusalem for NIS 40 million. The company booked the building, which it owns freehold, at a value NIS 37.5 million at the end of September. The asset was not mortgage and all it compensation will be cash flow to the company.
Oded Shamir, the C.E.O Said: "JEC see opportunities to assets fulfillment that were potential extract and create cash flow to the company that will use it for debt payoff and to business opportunities in the future.