July 6, 2022

Y M L P-298

It Must Be Business

Property & Building seeks loan as HSBC Tower sale falls through

2 min read
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House and Making Corp. Ltd. (TASE:PTBL) is performing to acquire a NIS 700 million loan to finance the order of Aaron Frenkel’s shares in cash flow generating real estate firm Bayside Land Corp. Ltd. (Gav Yam) (TASE:BYSD1), which Property & Making controls. This follows the cancellation of the deal whereby House & Constructing was to have sold the HSBC Tower in Manhattan. Property and Building signed an settlement previous December to acquire Frenkel’s 37.2% stake in Bayside for NIS 3.1 billion.

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In the previous couple months, Property & Building’s share cost has fallen 35% as the complications about the HSBC Tower sale emerged. It has a current marketplace cap of NIS 2.2 billion.

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The $855 million sale, to Innovo Home Team, was thanks to be finished yesterday. Below the sale settlement, House & Developing will keep the $35 million deposit paid out by the purchaser. The sale was thanks to produce move to Property & Setting up of NIS 1.1 billion.

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The reason that Innovo House Group was not able to complete the deal was that it emerged that the primary tenant, HSBC, which leased 63% of the setting up, would not renew its lease.

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House & Making is the major profits creating authentic estate arm of Price cut Investment, whose main shareholders are Mega Or, managed by Tzahi Nahmias, the Salkind family’s Elco Holdings, and Rami Levy.

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Posted by Globes, Israel business enterprise information – en.globes.co.il – on May 17, 2022.

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