Alony Hetz paid NIS 235 million for 10.74% of the company.
On Friday Alony Hetz Property and Investments Ltd. (TASE: ALHE) increased its stake in PSP Swiss Property AG (SWX:PSPN), the country’s largest real estate company for 68 million Swiss francs (NIS 235 million).
Alony Hetz bought 5.4 million PSP shares, 10.74% of the company issued share capital, making it the largest shareholder in PSP. Alony Hetz has invested NIS 1.1 billion in PSP to date, and its stake is currently worth NIS 1.2 billion. PSP has a market cap of NIS 11 billion.
PSP is the 13th largest real estate company in Europe. The Swiss market is fairly small and undeveloped, which is one reason why Alony Hetz chairman and CEO Natan Hetz is buying shares in the company.
Published by Globes [online], Israel business news - www.globes.co.il - on December 17, 2006
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