The company provided a Japanese company with a loan to buy two income-producing properties under construction in Tokyo.
Alrov (Israel) Ltd. (TASE: ALRO) subsidiary Alrov Properties and Lodgings Ltd. (TASE: ALRPR), controlled by chairman Alfred Akirov, will provide a Japanese company with a NIS 144 million loan to buy two income-producing properties under construction in Tokyo. The deal is being carried out through Alrov Properties subsidiary PIH Japan BV, in which Alrov owns 75%.
PIH has paid the seller an NIS 6.85 million down payment, and will pay an additional NIS 6.85 million in September 2008, and the balance when the properties are transferred. The payments will be guaranteed in the event that the seller fails to meet his contractual commitments.
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