http://www.globes.co.il/serveen/
Akirov negotiating purchase of Beeri Towers in Tel Aviv
Businessman Alfred Akirov plans to offer to repurchase some apartments in the project from their owners, upgrade the high-rise building, and sell the apartments.
Ofer Petersburg - "Yediot Ahronot" 13 Apr 05 14:27
The “Yediot Ahronot” Hebrew daily reports that businessman Alfred Akirov is negotiating to acquire the luxury Beeri - King Shlomo Towers Ltd. (Beeri Towers) project in Tel Aviv. Akirov specializes in the sale of apartments to well-known people in the top 0.1% income bracket, which includes residents of the Beeri Towers.
Akirov has asked to pay for the project by covering its NIS 250 million debt to Bank Hapoalim (LSE: BKHD; TASE: POLI). He also plans to offer to repurchase some apartments from their owners, upgrade the high-rise, and sell the apartments.
The Beeri Towers project, controlled by Dirom Construction Company (DROM) and Stooga, is in financial trouble, and its financial statements include a going concern warning. The developers’ report shows that losses totaled NIS 50 million in 2004, half of which was in the fourth quarter.
Published by Globes [online] -
www.globes.co.il - on April 13, 2005