Gaydamak buys real-estate firm for NIS 600m

Business mogul buys control of Ocif Investment and Development for almost twice its market value on Tel Aviv Stock Exchange

Naama Sikuler

Published:

04.04.07, 18:40 / Israel Money

Business mogul Arcadi Gaydamak bought control of the real-estate firm Ocif Investment and Development.

 

On Tuesday evening, Gaydamak signed an agreement with the Aviv family to purchase its holdings of Ocif shares for NIS 600 million (about $145 million), which reflects a company value of NIS 1 billion ($241 million) – NIS 241 ($58) per share.

 

Aviv Tower in Ramat Gan. One of Ocif's projects

Gaydamak will pay NIS 580 million ($140 million) to the Aviv family, which holds controlling interests in the company, and NIS 19 million ($4.6 million) to other shareholders.

 

The agreement still has to be approved by the Antitrust Authority director-general.

 

Gaydamak has been seeking to purchase an Israeli real-estate company for some time now. He had attempted to purchase the Minrav Group, but negotiations fell through last week.

 

Aviv Ocif develops residential and commercial engineering projects in Israel and the world over. Its market value in the Tel Aviv Stock Exchange is NIS 516 million ($124 million).

 

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