Elco to buy Granite Hacarmel from Israel’s property developer Azrieli

Israel’s Holding company Elco said on Sunday it agreed to buy Granite Hacarmel Investments from Israeli real estate developer Azrieli Group for 1.02 billion shekels ($290 million).

The purchase price includes Elco taking on 250 million shekels of debt, it said in a regulatory statement in Tel Aviv.

The move by Azrieli to sell Granite Hacarmel, which owns cooking gas distributor Supergas, is part of Azrieli’s strategy to focus in its core real estate business.

Both sides intend to finalize the deal by Oct. 31, 2019.

Source: Reuters