Clal President Avigdor Kaplan
Clal sells French property
Israeli enterprise sells properties in France for millions in profit, plans to focus on local, Eastern European, Far East real-estate markets
Clal Insurance Enterprise Holdings Ltd. has signed a memorandum for the sale of seven lucrative French properties for a total of 116 million euros ($160 million).
The properties were acquired over the past three years through a real-estate investment fund, of which Clal shared equal holdings with the leading French insurance group AXA, and a Dutch venture capital company.
The properties were originally bought for NIS 500 million ($117 million); their sale yields a 37 percent profit.
Clal’s first investment in lucrative French real-estate was made in 2003, when the Israeli real-estate market was in crisis.
The company decided to sell its French properties because of the attractive offer made for them, as well as a desire to focus on real-estate in Israel, Eastern Europe, and the Far East.
