Businessman Hershy Friedman
Hershy Friedman acquires control of Aspen Properties
Canadian businessman signs MOU to buy 89 percent of real-estate company, for NIS 105 million
Hershy Friedman, a haredi businessman from Montreal, is purchasing control of Aspen Properties Ltd. for roughly NIS 105 million ($26 million). His plans are to leverage the company into activities in Eastern Europe.
Friedman's group signed a memorandum of understanding for acquisition of control (about 89 percent) of the public Aspen Properties, a subsidiary of Aspen Building and Development Ltd., controlled by Rony Zarom.
The parties plan to sign the deal towards the end of June 2007, after the buyers complete a due diligence analysis.
Aspen Properties owns several assets including a shopping mall in Ashkelon, a commercial center in Kiryat Gat, a 7-dunam (1.75 acre) plot for building in Even Yehuda and a recently completed complex in Rosh Ha'ayin that includes a commercial center and office space.
The company recently signed a deal selling its share of Beit Rubenstein in Tel Aviv for NIS 110 million. It also sold its holdings in two northern Israel towns, Yokneam and Nazareth.
Aspen's 2006 income totaled NIS 25 million, with a net profit of NIS 9.7 million. At the end of 2006, the company equity was valued at NIS 85 million.
