Aura continues to sell assets: sold a plot of land in Tel Aviv for about NIS 45 million

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Real Estate Company Aura, Which is under control Yaakov Atrakchi, Continues to realize land in order to increase the amount of cash in its coffers.

The company reported this morning that it had signed an agreement for the sale of a plot of land in an area of ​​587 square meters at the corner of Sheinkin and Melchet streets in Tel Aviv in exchange for NIS 45.2 million plus VAT.

Aura It is supposed to receive the money from the deal until October 15 this year, and repay a loan of about NIS 17.5 million that it took for the purpose of purchasing the plot. The balance “will be used by the company as a flow for the company’s current activities”.

Aura works to initiate residential construction in Israel, mainly in the field of urban renewal complexes in city centers.

On June 24, Aura reported the sale of a 9-dunam plot of land in the Pardes Hashikun complex near Savyon Junction to Gindi Holdings. The city building plan allows for the construction of 178 apartments on the site, but the number of housing units in the project is not final, as a request was submitted as part of the project for relief in Shabes-Kahlon. Gindi Holdings paid Aura NIS 151 million. According to the assessment of the business development manager who accompanied the transaction, the expected sales turnover is NIS 560 million. The land was purchased by Aura last year as part of a restitution transaction and the exercise of a right of initiative by a group of agricultural tenants.

Aura estimated that after the completion of the transaction, NIS 24.5 million in cash will enter the company’s coffers, and the company is expected to recognize a profit of NIS 15.5 million before paying expenses and taxes.

About a week earlier, Aura reported the sale of a plot of land in Pardes Hanna – Karkur for NIS 14.6 million. The company estimates that the expected profit from the transaction will be NIS 6.3 million (before expenses and taxes).

The company is currently negotiating the sale of another plot of land.

Along with these moves, Aura recently successfully completed a rights issue, with the participation of the controlling shareholder, Yaakov Atrakchi, in which it raised about NIS 19 million.

Aura’s share, which, like most real estate companies, was hit by the Corona epidemic, fell 56% since the beginning of the year and the company’s value shrank to about NIS 254 million.

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