Friday, August 15, 2008

ECI Seeking $42 Million Sale Leaseback on Petah Tikva HQ

Globes - August 14, 2008

Sources inform ''Globes'' that ECI Telecom Ltd. wants to sell its Petah Tikva headquarters for NIS 150 million in a sale and lease-back deal in long-term contract. The company has already contacted a number of insurance companies about a deal.

This is not the first time that ECI has sought to sell the building. Three months ago, it published a tender for the sale of all its properties for NIS 350 million. The tender included the headquarters, building rights on the same lot in Petah Tikva, and an additional lot in Givat Shmuel. The tender was closed in May after no bids were filed, apparently because the development aspects of the lands on offer were of no interest to insurance companies. Sphere: Related Content

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