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Azrieli Group sells GES Global Environment Solutions to Generation Capital

  • Azrieli Group sells GES Global Environment Solutions to Generation Capital
Schneider Electric

Azrieli Group, Israel’s largest listed property company, announced last week it had sold its holdings in GES Global Environment Solutions, a world leader in the design, construction and operation of sea desalination facilities, to Generation Capital, for 105 million shekels (US$30 million), reports Reuters

The firm said that the sale of GES is not expected to have material effect on the Azrieli’s results.

To concentrate on the core business of income-producing real estate, Azrieli has sold all the assets of subsidiary Granite Hacarmel, and its holding in Leumi Card, for a total of 2.6 billion shekels.

GES’s revenue in the first 9 months of 2019 was NIS 115.1 million (€30.3 million/$33.2 million), and its adjusted EBIDTA was NIS 16.4 million (€4.3 million/ $4.7 million), with assets of NIS 203.3 million (€53.5 million/ $58.7 million). 

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