Fishman Holdings unit JEC and its subsidiary Darban have sold their entire stakes in the 30, 000-sq.m. Bridlewood Mall.
/By Moshe Golan /
Fishman Holdings unit Jerusalem Economy Ltd. (TASE:ECJM) (JEC) and its subsidiary Darban Investments Ltd. today announced that they have sold their entire stakes in the Bridlewood Mall in Toronto for C$63 million. The two companies wholly own the 30, 000-square meter mall in equal shares.
The gross free cash flow from the sale (before transaction costs and taxes) will be NIS 104 million.
JEC also announced that the due diligence on the sale of the Northgate Mall in Saskatoon, Saskatchewan, for NIS 216 million has been completed.
“This is a Canadian asset which has greatly increased in value since the company bought it, and that is reflected in the sale price, ” said JEC president CEO David Zvida. “The present deal follows a recent sale, which together generate substantial cash flow and greatly reduce the company’s leverage. The company is pursuing its work plan, which is based on strengthening equity and financial ratios, while creating a return for shareholders.”
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by www.globes-online.com