Skyline International Development plans to float on London's AIM.
Israel Land Development Company (TASE: ILDC) amd Mishorim Development Ltd.'s (TASE:MSHR) Canadian real estate subsidiary Skyline International Development Inc. have bought a lot in downtown Toronto from the property's receiver for C$24.1 million (NIS 92 million). The lot is occupied by a parking lot, and Skyline plans to develop a 41,750-square meter 55-storey office, hotel, and residential skyscraper on the lot. The company also plans to apply to add 5,000-10,000 square meters in building rights.
Israel Land estimates the cost of construction, not including financing expenses, at C$138 million (NIS 527 million) and predicts a profit of $115 million (NIS 440 million) on C$253 million (NIS 967 million) proceeds.
Israel Land owns 30% of Skyline and Mishorim, controlled by president Gil Blutich, owns 66.8%. Skyline plans to hold an IPO on London’s Alternative Investment Market (AIM) on the basis of a company value of 209 million Canadian dollars made by Grant Thornton Canada LLP.
Published by Globes [online], Israel business news - www.globes-online.com - on December 10, 2007
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