Analysts Shai Lipman and Yuval Zehira say conservative asset valuation policies explain the discount in the stock.
The negotiations on a takeover of investment house IBI by Africa-Israel Investments (TASE: AFIL) ended without result, and IBI has resumed coverage of the group. The first group company to come under scrutiny is Africa-Israel Properties Ltd., for which IBI has retained a "Buy" recommendation and substantially upgraded its target price. The current target, NIS 290, is 80% above the price of the share yesterday when the recommendation was released to investors. The current target is 30% than IBI's previous target price for the company of NIS 225. Africa-Israel Properties coordinates the Africa Israel Group’s income-producing real estate activities in Israel and abroad.
"We find the developments in Eastern Europe and the income-producing assets portfolio in Israel and in Eastern Europe to be a relatively safe activity with future growth potential," IBI analysts Shai Lipman and Yuval Zehira write.
Thursday, February 21, 2008
Alrov in talks to sell Tel Aviv property to Pangaea
Pangaea Israel is in also in talks to buy a second property in the city.
controlled by chairman Alfred Akirov, is in negotiations to sell a property on Ahad Ha'am St. in Tel Aviv to Pangaea Israel (TR) Ltd. (TASE:PNIS), controlled by Assaf Tuchmayer and Barak Rosen, and partners.
The 1,900-square meter lot is occupied by two buildings, one of which is slated for preservation and the other for redevelopment. The Urban Building Plan authorizes the lot for residential, commercial, and office use. Rent totals NIS 360,000 per year. Alrov bought the property in 1990 and said that it will report a pretax capital gain of NIS 150 million on the sale.
controlled by chairman Alfred Akirov, is in negotiations to sell a property on Ahad Ha'am St. in Tel Aviv to Pangaea Israel (TR) Ltd. (TASE:PNIS), controlled by Assaf Tuchmayer and Barak Rosen, and partners.
The 1,900-square meter lot is occupied by two buildings, one of which is slated for preservation and the other for redevelopment. The Urban Building Plan authorizes the lot for residential, commercial, and office use. Rent totals NIS 360,000 per year. Alrov bought the property in 1990 and said that it will report a pretax capital gain of NIS 150 million on the sale.
New York's Plaza Hotel units sold - but empty
Yitzhak Tshuva's private real estate development arm, Elad Properties, has sold 100 of the 181 apartments in the Plaza Hotel in Manhattan, the jewel in Tshuva's American crown. Renovation and conversion of the hotel was completed months ago, but most of the apartments stand empty.
"The New York Times" quotes Elad Properties spokesman Lloyd Kaplan as saying that only a half-dozen residents live there full time and another three dozen residents live there on weekends.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
"The New York Times" quotes Elad Properties spokesman Lloyd Kaplan as saying that only a half-dozen residents live there full time and another three dozen residents live there on weekends.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
Tuesday, February 19, 2008
Ramat Gan's Elite landmark
There is no visible border between Tel Aviv and Ramat Gan, except perhaps the huge high-rise buildings that have sprung up in recent years to give Ramat Gan something like a Manhattan skyline.
In 2006, the Elite chocolate plant building was sold to Sonny Kahan of Crescent Heights, a Miami-based real estate developing company, for $44 million. Crescent Heights announced that it would build a luxury tower with real estate mogul Donald Trump.
After a tremendous amount of media hype about a Trump Tower going up in Israel, the project was shelved and the property was resold last year to Azorim, which is controlled by Boymelgreen Capital. The new project, the Azorim Elite Tower, will either be the tallest tower in Israel or else will be tied for that honor when completed.
In 2006, the Elite chocolate plant building was sold to Sonny Kahan of Crescent Heights, a Miami-based real estate developing company, for $44 million. Crescent Heights announced that it would build a luxury tower with real estate mogul Donald Trump.
After a tremendous amount of media hype about a Trump Tower going up in Israel, the project was shelved and the property was resold last year to Azorim, which is controlled by Boymelgreen Capital. The new project, the Azorim Elite Tower, will either be the tallest tower in Israel or else will be tied for that honor when completed.
New Tel Aviv high-rise to be eco-friendly
Richard Meier is designing the 101-meter high-rise to become an iconic landmark.
Berggruen Residential Ltd. (TASE:BRGN.B1) plans for its luxury Meier Tower on Rothschild Boulevard in Tel Aviv to be eco-friendly. The 101-meter, 27-storey high-rise is being designed by Pritzker Prize winner Richard Meier.
Berggruen hopes that an eco-friendly design will attract members of Israel's wealthy elite for whom environmental awareness is important. The building's design will incorporate features to maximize natural light and improve the use of artificial light, save water, and maintenance.
Berggruen Residential Ltd. (TASE:BRGN.B1) plans for its luxury Meier Tower on Rothschild Boulevard in Tel Aviv to be eco-friendly. The 101-meter, 27-storey high-rise is being designed by Pritzker Prize winner Richard Meier.
Berggruen hopes that an eco-friendly design will attract members of Israel's wealthy elite for whom environmental awareness is important. The building's design will incorporate features to maximize natural light and improve the use of artificial light, save water, and maintenance.
Sunday, February 17, 2008
AFI Europe obtains financing for Bucharest mall project
Hypo Real Estate Bank is proving €234 million for the Cotroceni Park Mall
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary AFI Europe BV has signed a financing agreement with Hypo Real Estate Bank International AG (DAX: HRX) for construction of the company's Cotroceni Park Mall in Bucharest. The bank will provide a six-year €234 million non-recourse loan at Eurobor plus a spread still to be agreed upon.
The high-end Cotroceni Park Mall will include 75,000 square meters of space, which AFI Europe expects to lease to international retailers. The second stage of the project also includes 60,000 square meters in five office towers to be built..
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary AFI Europe BV has signed a financing agreement with Hypo Real Estate Bank International AG (DAX: HRX) for construction of the company's Cotroceni Park Mall in Bucharest. The bank will provide a six-year €234 million non-recourse loan at Eurobor plus a spread still to be agreed upon.
The high-end Cotroceni Park Mall will include 75,000 square meters of space, which AFI Europe expects to lease to international retailers. The second stage of the project also includes 60,000 square meters in five office towers to be built..
Perhaps it really is a bargain
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary AFI Europe BV has signed a financing agreement with Hypo Real Estate Bank International AG (DAX: HRX) for construction of the company's Cotroceni Park Mall in Bucharest. The bank will provide a six-year €234 million non-recourse loan at Eurobor plus a spread still to be agreed upon.
The high-end Cotroceni Park Mall will include 75,000 square meters of space, which AFI Europe expects to lease to international retailers. The second stage of the project also includes 60,000 square meters in five office towers to be built..
The high-end Cotroceni Park Mall will include 75,000 square meters of space, which AFI Europe expects to lease to international retailers. The second stage of the project also includes 60,000 square meters in five office towers to be built..
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