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Vitania Buys Out Land Family's Stake in Elbit-Leased Project for $83 Million
Real estate firm Vitania is acquiring the Land family's stake in a 40,000 sqm office and industrial project in Ness Ziona for NIS 307 million. The property is leased long-term to Elbit Systems, providing a stable revenue stream. The deal follows financial difficulties for the Land family's original tenant.
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What happened
- 01Vitania is purchasing the Land family's share in a 40,000 sqm project in Ness Ziona for NIS 307 million.
- 02The project's first phase is fully leased long-term to Elbit Systems.
- 03The acquisition follows financial struggles of the Land family's original tenant.
- 04Vitania anticipates a NIS 68 million accounting loss from the deal.
- 05The deal is expected to increase Vitania's debt and financing costs.
- 06Credit rating agency Midroog has placed Vitania's rating under review for negative implications.
Vitania expects a NIS 68 million accounting loss from the acquisition, which will increase its debt and financing costs, leading to a credit rating review.
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