The Corona virus crisis continues to shake large real estate companies. This time it is Aura Investments, which announced in the middle of the week another realization of a luxury property in areas of demand: the company reported the sale of 587 sq.m. – For NIS 45 million before VAT.
The consideration, which will be paid to Aura by October 15, 2020, will be used by the company to repay a bank loan in the amount of NIS 17 million that it took for the plot. The balance of the consideration, approximately NIS 28 million, will be used by the company as a cash flow for its current operations.
This sale joins the sale of two more lands by Aura, one near the Savyon junction and the other in Pardes Hanna, with a cash flow of about NIS 40 million. With the sale of the land now in Tel Aviv, the cash flow for the sale of the three lands reaches NIS 68 million. As part of this strategy, it was reported this week, the company is working to sell additional land.
Aura Investments, owned by businessman Yaakov Atrakchi, recently completed a rights issue of NIS 19 million, and with the full exercise of the options, an additional NIS 24 million will enter the company. Aura also received an undertaking from the banks to release by the end of the current year approximately NIS 195 million from escrow accounts in projects that are completed.
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