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Israeli firm to sell HSBC Tower in New York City for $855 million

 Israeli firm to sell HSBC Tower in New York City for $855 million

Israeli firm to sell HSBC Tower in New York City for $855 million

JERUSALEM, Dec 5 (Reuters) - Israel's Property and also Structure Corp (PTBL.TA) claimed on Sunday it accepted market the HSBC Tower building in midtown Manhattan for $855 million to New York-based real estate firm Innovo Home Team, videotaping a net loss of $45 million.

The Israeli business, which is 63% possessed by Price Cut Investment Corp (DISI.TA), claimed it had also sold residential property in Israel for 390 million shekels ($123 million).
Doron Cohen, chief executive of both Residential or commercial property and Structure as well as Discount rate, said management was concentrating on income-producing residential or commercial properties in Israel and that the amount it was obtaining from both deals would certainly allow it to progress this policy.

"We are continuing the plan as well as taking a look at the possibility of understanding added buildings in the United States as well as in Israel," Cohen said, keeping in mind the sale of the HSBC building came regardless of "dismal" forecasts over U.S. commercial realty market.
He cited Tivoli Town, an upscale apartment complex in Las Vegas that opened this year, which may be put up for sale as part of the firm's efforts to improve liquidity and minimize financial obligation.

Along with empire Koor Industries, Home and also Building, bought the 30-storey, 80,000 square metre HSBC Tower in 2009 for $353 million. In 2011, Building obtained Koor's risk in the tower which has an occupancy of 99%, it stated. HSBC had purchased the building in the 1990s.
Residential or commercial property and Building stated the value of the HSBC Tower in its publications was $864 million as of Sept. 30. After prices, it claimed it would certainly tape-record a bottom line of $45 million from the sale.

Completion of the sale is expected by April 1, 2022 based on Innovo's right to progress the date while likewise receiving alternatives to delay the completion twice for 1 month each.

Residential or commercial property said after the sale it will certainly have a web capital of $343 million.
Its shares were 0.7% reduced in mid-day trading in Tel Aviv.
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