TalB

$100m deposit to secure renewal of Vegas Plaza loan
$100m deposit to secure renewal of Vegas Plaza loan

Yitzhak Tshuva and Nochi Dankner's Elad IDB Las Vegas will deposit the money to cover costs during the 18-month loan extension.

Avi Shauly2 Feb 09 11:21

IDB Development Corp. Ltd. (TASE: IDBD) and subsidiary Property and Building Ltd. (TASE: PTBL) yesterday released clarifications about the renewal of the loan for the Plaza Casino and Hotel project in Las Vegas. Under the memorandum of understanding with the lenders, Elad IDB Las Vegas LLC, the project company, will deposit $100 million in order to cover various costs, including interest payments, insurance, and property tax on the land, which will be incurred during the 18-month extension of the loan.

Elad IDB is not paying the $100 million in advance, as incorrectly reported last week. Elad Properties share of the payment is $50 million, and IDB Development and Property and Building's shares are $25 million each.

Last Thursday, Elad IDB reached an agreement with the lenders, Goldman Sachs Group Inc. (NYSE: GS) and Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ), for an extension of the $625 million loan taken to help finance the $1.24 billion purchase of the site of the planned Plaza Casino and Hotel, until August 2012.

Yitzhak Tshuva and Nochi Dankner own the project in equal shares: Dankner through IDB Group USA Investments Inc., held equally by Discount Investment Corporation (TASE: DISI) and Property and Building; and Tshuva through Elad Properties. The 1.5-million square meter Plaza Hotel and Casino will have 3,500 rooms, and a 500,000-square meter residential project.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on February 2, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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TalB

Leviev to sell Miami property - report
Leviev to sell Miami property - report

Florida is one of the areas worst hit by the US real estate collapse.

Sharon Baider and Ariel Rosenberg18 May 09 11:14

The "South Florida Business Journal" reports that Lev Leviev plans to sell an income-producing property in Florida, one of the areas worst hit by the real estate collapse. The paper adds that the buyer is developer Tibor Hollo, the chairman and president of Florida East Coast Realty Inc. The sale follows a number of property sales by Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), which he controls, with more sales in the offing.

Leviev and Shaya Boymelgreen purchased a three-acre lot occupied by two office buildings at 1101 Brickell Avenue in downtown Miami in 2005 for $74 million through their joint venture Leviev Boymelgreen, which was subsequently dissolved in a well-publicized acrimonious break-up in November 2007, when the properties were divided. The property had building rights for a 74-storey mixed-use skyscraper that would include 25,000 square meters of office space, 2,800 square meters of commercial space, and 650 apartments. At the time, Africa-Israel estimated revenue from the project at about $500 million.

Following the dissolution of the partnership, Africa-Israel took over full ownership of the property. However, as a result of the subsequent deterioration in the Miami real estate market, the occupancy rate at the company's current 40,100 square meters of property space fell from 55% at the end of 2007 to 46% at the end of 2008. According to the S&P/Case-Shiller Home Price Index, housing prices in Florida have nearly halved from their 2006 peak.

Published by Globes [online], Israel business news - Globes [online] - Israel business news - Home Page - on May 18, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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TalB

Africa-Israel closes Miami sale
Africa-Israel closes Miami sale

Africa-Israel will report a capital gain of $7 million in the third quarter.

Hillel Koren22 Sep 09 12:31

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) today closed the sale of an undeveloped lot in Miami, known as Block 42, to a US company for $39 million. Africa Israel's guarantee for financing the property has been cancelled.

The buyer exercised its option to receive a seller's loan of $3.5 million from Africa-Israel's subsidiaries to finance the deal. In exchange, Africa-Israel obtained a lien on two of the lots in Block 42, with a total area of 5,157 square meters.

Africa-Israel announced that it sold the property in August. The company originally asked $88.7 million for the 24,427-square meter lot. The sale is part of a legal settlement with the buyer, which had sued six Africa-Israel subsidiaries for cancelling the agreement for reasons of force majeure and not meeting the financial covenants.

Africa-Israel will report a capital gain of $7 million in the third quarter.

Africa-Israel's share fell 2.6% by midday to NIS 41.64.

Published by Globes [online], Israel business news - Globes [online] - Israel business news - Home Page - on September 22, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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TalB

Nochi Dankner ups ante in Las Vegas
Nochi Dankner ups ante in Las Vegas

IDB Group USA's two grandoise residential projects in Las Vegas need $100 million in additional financing.

Aviv Levy22 Sep 09 18:00

Even as Nochi Dankner's joint grandiose Plaza Casino and Hotel project with Yitzhak Tshuva is on hold, Dankner is raising the stakes on two equally grandiose residential projects in Las Vegas.

IDB Holding Corp. Ltd. (TASE:IDBH) will ask shareholders to continue financing the development of the GW and QT residential projects owned by IDB Group USA Inc., a joint venture of IDB Development Corporation and its subsidiary Property and Building Ltd. (TASE: PTBL).

As of the end of August, IDB Group USA had invested $219 million in the project and it estimates that an additional $100 million will be needed through the end of 2010. Even more financing will likely be needed to repay existing loans for the projects, which have not been extended.

In June, Property and Building was required by a lending bank to immediately repay a $25 million loan on the QT project.

Both the QT and GW projects have been hit by the US real estate crisis, and not a single unit in either project was sold during the second quarter of 2009.

Published by Globes [online], Israel business news - Globes [online] - Israel business news - Home Page - on September 22, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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