This Sunday, he signed an agreement for the sale of land in the industrial zone of Netanya, in the north of the country, with Canada Israel, for 134 million NIS. Following this transaction, the company is expected to record a profit of 48 million NIS.
The property is registered on a registered area of 72 dunams, which was purchased by Dorcell d’Urdan in 2005 for an amount of 54 million NIS and is currently listed in the books at a value of 85 million NIS, in other words a profit before taxes of 48 million NIS (after transaction fees).
“The price that the company received as part of the transaction is very interesting and achieves a very profitable exit that reflects an annual return of 30% over the period since the acquisition of the property.” The Company intends to use the funds to purchase additional income-generating properties, thereby significantly increasing the amount of its annual rental income.”
Israel Canada paid a deposit of 10 million NIS at the date of the agreement, with the balance being transferred by November 31 of next year. Canada Israel intends to work on improving the property by adding building rights for mixed uses by promoting a detailed plan in the planning committees.
