Real Estate Deal: Tzurafati Sells 80 Apartments for $200 Million
Translated & summarized from TheMarker by baba
Real estate firm Zvi Tzurafati and Sons has sold approximately 80 apartments for 198 million shekels to Azorim Living in the town of Azor. The deal includes 17 three-room and 63 four-room units in the Kaplan project. Azorim Living is expanding its rental market presence, while Tzurafati's stock rose 1.5% post-announcement after significant losses.
The story in 5 lines · by baba
- Azorim Living acquired 80 apartments for 198 million shekels in Azor.
- The deal includes 17 three-room and 63 four-room units in the Kaplan project.
- Zvi Tzurafati and Sons sold the units to Azorim Living.
- Tzurafati's stock rose 1.5% after the announcement.
- The company's stock had previously fallen 34% this year.
Real estate company Zvi Tzurafati and Sons and the REIT Azorim Living announced on Wednesday a significant real estate transaction in the town of Azor. Azorim Living is acquiring approximately 80 housing units, comprising 17 three-room apartments and 63 four-room apartments, in the Kaplan project. The total cost of the acquisition is approximately 198 million shekels. This deal signifies Azorim Living's continued expansion in the rental housing market, while construction companies are navigating a challenging market environment by focusing on cash flow and risk management. Following the announcement, Tzurafati's stock saw a 1.5% increase, recovering slightly after a year-to-date loss of 34%.
