Written by: Aaron Katsman | April 22, 2009
Nothing like investing in real estate at a market high with a lot of leverage. Just ask former Israel billionaire Lev Leviev, as he continues his fire-sale of property to raise cash to help pay down his debts.
According to Globes: “Africa-Israel chairman Lev Leviev is continuing the sell-off of properties. Africa-Israel Investments Ltd. (TASE:AFIL) subsidiary Africa-Israel Properties Ltd.AFPR) has signed an memorandum of understanding (MOU) to sell 95% and half of the unused building rights of the Africa-Israel Tower in Tel Aviv to a group of foreign buyers for NIS 166.5 million. (TASE:
The company did not disclose the identity of the buyer.”
Let’s hope he is able to sell off enough properties to pay off bondholders.
Written by: Aaron Katsman | March 30, 2009
Famous businessmen have purchased a building in the heart of Tel Aviv for a coll $12.5 million. Who says that there is a real estate slowdown?
According to Ynet: “The existing building has three stories and includes 14 apartments, each measuring 80 square meters (861 square feet) in size. The plan is to renovate the existing building and add three floors. The 14 existing flats will be reduced to 10 over a larger area, and will be joined by 12 new apartments, each measuring 80 square meters. In addition, several luxurious apartments are planned: A garden apartment of 180 square meters (1,937 square feet), including a garden of 150 square meters (1,614 square feet), as well as another penthouse which will be built on 240 square meters (2,583 square feet), including six rooms. In total, the building will consist of 22 apartments.”
The developers are hoping to to generate a 6% return for renting out the apartments. While for many outside of Israel that sounds pretty low, by Israeli standards that’s actually on the high side, as most money in Israeli real estate is made via capital gains.
