Minrav want a company value of NIS 1 billion for its 50% stake in Half Jubilee, which owns the Tel Aviv government complex.
Minrav Holdings Ltd. (TASE: MNRV) today confirmed that it was in preliminary negotiations to sell its stake in Half Jubilee Ltd. to Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), its equal partner in the joint venture.
Half Jubilee owns the 38-storey, 70,000-sq.m. Tel Aviv government complex building. Minrav has been seeking a partner for its 50% stake in the company at a value of NIS 1 billion, giving a return on investment of 7%, assuming that the building is fully occupied. 46,000 sq.m. on 26 floors of the building are leased at $15.60 per sq.m. per month, plus management fees, in 20-year contracts.
Published by Globes [online], Israel business news - www.globes.co.il - on January 8, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006