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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).