Mishorim Finalizes Afula Real Estate Sale for 35 Million NIS
Mishorim, controlled by Alex Schneider, has completed the sale of an Afula property for 35 million NIS, generating 33.8 million NIS in free cash flow.
Real estate company Mishorim, controlled by businessman Alex Schneider, has finalized the sale of its full rights in a real estate property in Afula for 35 million NIS, excluding VAT.
The transaction, which was agreed in principle back in May, was completed after receiving all regulatory approvals and full payment. The sold property includes a 9.1-dunam plot (9,153 square meters) featuring an office, commercial, and basement building with a total area of approximately 7,360 square meters, of which Mishorim owned about 5,400 square meters.
Mishorim originally acquired the property in 2017 for 30 million NIS. Schneider's company, which operates in income-producing real estate in Israel, the USA, and Canada, received an initial advance of 7 million NIS in May, with the remaining 28 million NIS now paid in full.
The free cash flow generated for Mishorim from the completion of the transaction amounts to approximately 33.8 million NIS after transaction expenses. The company received approval from its lending bank stating that early repayment of an existing loan is not required, providing a substantial cash boost. Accounting-wise, the sale price matches the property's book value, resulting in no material accounting gain or loss.
