March 6 (SeeNews) - AFI Europe Romania said on Wednesday that Africa Israel Investments has sold the controlling stake in Africa Israel Properties (AIP), the parent company of AFI Europe.
Thus, 51% of AIP’s shares were acquired by a group of Israeli investors led by two Israeli public real estate companies together with several institutional investors for 1.25 billion shekels ($345.6 million/305.6 million euro), AFI Europe Romania said in a press release.
You can subscribe to our M&A newsletter here
The two leading Israeli companies, Big Shopping Centers and Mega Or Holdings, each now hold 13% of AIP’s shares, while the remaining 74% is held by various institutional investors.
"We are happy that the process of selling the shares is concluded, thus removing the unclarity that the company experienced in the last 3 years. The fact that two leading real estate companies and number of institutional investors see a great potential in the company is due to the important value we managed to create in these years," AFI Europe CEO Avi Barzilay said.
Big Shopping Centers Ltd. is a public company, listed on Tel Aviv Stock Exchange. It is focused on the real estate market in Israel, but also owns retail centers in the US and Serbia.
Mega Or Holdings Ltd. is a public company focused on real estate. It holds 37 assets (retail and logistics) with a total area of 405,000 sq m.
AFI Europe, a subsidiary of AFI Properties, is real estate development, management and investment company, which has been operating in Central and Eastern Europe since 1997.
AFI Europe operates in Romania since 2005 through AFI Europe Romania, active on the commercial and office segments, now also developing a residential project in Bucharest.
(1 ILS= 0.24 euro)