Acad Building & Investments Ltd. has signed a memorandum of understanding with Alex Dembitzer, owner of New York-based Northern Group Inc., under which he will acquire half of Acad's 90 per cent stake in the U. Dori Group, the real estate and development enterprise. The other half will stay in the ownership of Uri Dori, president of the U. Dori Group.
Under the terms of the agreement, Dembitzer will provide the U. Dori Group with a $31 million owners loan for the Acad shares. Uri Dori will use $19 million of the proceeds to buy out the 33% stake in Acad held by Amethyst, owned by Ronen Kristal.
Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>