Pangaea Gains Most in Week on Plans to Buy Tel Aviv Property
Pangaea Real Estate Ltd. (PNGD) climbed the most in more than a week after the property developer and its partners agreed to buy land in Tel Aviv to build a residential and commercial project.
The shares gained 6.6 percent, the most since June 6, to 0.835 shekel at the 4:30 p.m. close in Tel Aviv, giving the Herzliya, Israel-based company a market value of 116.7 million shekels ($34.1 million).
Pangaea and partners including Electra Real Estate Ltd. (ELCRE) agreed to pay 530 million shekels to Tnuva Food Industries Agricultural Co-Op in Israel Ltd. for the property. Electra rose less than 0.1 percent to 20.11 shekels.
To contact the reporter on this story: Susan Lerner in Jerusalem at slerner2@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net
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