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Africa-Israel Investments Drops After Clock Tower Talks End

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Sept. 18 (Bloomberg) -- Africa-Israel Investments Ltd., billionaire Lev Leviev’s holding company, fell to the lowest close in almost a week in Tel Aviv, after talks to sell the Clock Tower Building in New York ended without an agreement.

The shares dropped 2.5 percent to 11.52 shekels, the lowest since Sept. 12, at the 4:30 p.m. close of trading.

Africa-Israel is continuing to weigh opportunities to sell the property, it said. The company said in May it was in talks to sell the building to an unidentified investor for $170 million.

Africa Israel USA, the company’s U.S. real-estate unit, has been working to restructure and refinance more than $1.5 billion in debt from its boom-time real-estate acquisitions in the U.S. The unit on Sept. 1 completed the first stage of the sale of its rights in 88 Leonard, a luxury apartment building in Manhattan’s TriBeCa neighborhood, and in July sold part of the Times Square building.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon21@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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