mega Or is expected to purchase Ispro for NIS 855 million

Real estate mega Or company, controlled by Tzachi Nahmias, is expected to sign the acquisition of the mall company "Ispro", controlled by Eduardo Elstein's IDB (Discount Investment) group. In exchange for the acquisition of 100% of the shares will improve, Mega Or is expected to pay an amount of approximately NIS 855 million, reflecting a multiplier of approximately 1.06 on the equity (including owner loans) of Yaspero.
The deal may be signed on Sunday, subject to final agreement between the parties. Ishpro is wholly owned by a property and building company, which is the real estate arm of the IDB-DSC Group. Improve seven shopping malls in Modi'in, Kiryat Gat, Ness Ziona, Beer Sheva, Jerusalem, Beit She'an and Arad.
In mid-2017, properties and building began in the process of selling Ispero at a value of NIS 700-750 million, but this process was stopped in mid-2018 after bids received for Yaspero were lower than desired. In recent months, the process has been restarted with the intention of ending it in the near future.
Improving it has equity of NIS 595 million as of the end of September 2019, when the company also introduced a loan of NIS 102 million in its balance sheet. Since then, the company has managed to exchange NIS 131 million debt to its bondholders with another NIS 120 million loan, so that the company's actual equity was NIS 806 million in reverse.
According to market estimates, assets and building initially sought a sum of NIS 900 million, reflecting a multiple of about 1.1 on real equity (including owner loans). However, at the end of the process, the company agreed to a lower amount, with the aim of completing the transaction in the near future with the possible announcement.
Alongside Mega Or, they also contested the acquisition of the Reit 1 Fund, the Avi Levi-controlled Lahav Alar, as well as the Yaron Adiv and Tanidor Tahunport companies. Mega Or is currently traded on the stock exchange at a value of about NIS 3 billion.
For properties and building in particular, and the IDB-DSC group in general, this is part of a strategic move to exit the retail area. Among other things, properties and building recently sold its share (50%) of the Kiryat Ono mall to Amot, which holds 50 The remaining%, in exchange for NIS 538 million.