Golan to buy 50% of EMD Real Estate

The deal was one of several reported to the TASE, including Dorea Investments and Development buying 85% of Liberty Properties and Delek Group's US unit buying the rights to 25 fuel stations in Tennessee.

By YIGAL GRAYEFF
December 19, 2005 07:56
1 minute read.
for sale sign 88

for sale sign 88. (photo credit: )

Golan Fine Crafts agreed to buy 50% of EMD Real Estate Development and Investment from Dan Cooperative Society for Public Transport for $75 million. The deal was one of several reported to the Tel Aviv Stock Exchange on Sunday, including Dorea Investments and Development buying 85% of Liberty Properties and Delek Group's US unit buying the rights to 25 fuel stations in Tennessee. Dan Cooperative holds 72% in EMD, with the rest of the shares owned by Dan's members. Golan said EMD's holdings include a 55% stake in shares in Dan Vehicle and Transportation, which operates car leasing under the Avis brand, and property in the Gush Dan area. At the end of 2004, those assets were worth NIS 2b. Golan, a jewelry company is expanding out of the business and earlier this month agreed to buy a hotel in Netanya. In Sunday's second deal, Dorea will buy 85% of Liberty Properties for NIS 114.49m., or NIS 46.49 a share, from controlling shareholders who include businessmen Yair Rabinowitz, Ya'akov Bar and Shmuel Aharoni. The deal is due to close on Thursday, subject to agreement from the bank that holds the shares as a guarantee. Delek US Holdings, meanwhile, completed the purchase of the rights to 25 gasoline stations and four properties in Tennessee from BP Products North America for $33m. Delek gained ownership of 20 stations and leasing rights to an additional five, all of which have convenience stores. Delek plans to build service stations on the properties, with the company owning three of them and holding the leasing rights to the other one. The stations will continue to operate under BP's brand.


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