Yohananof Discloses NIS 1.1 Billion Property Transfer Agreement

Yohananof disclosed Wednesday that it signed an agreement to transfer 14 real-estate assets, valued at about NIS 1.1 billion, to its wholly owned subsidiary M.G.L Kokhav Modiin. The agreement follows the board's August authorization and retains mainly technical conditions, with property-rights registration still ahead. The companies also signed market-rate long-term leases covering stores in Rehovot, Kiryat Ekron, Modiin and Mishor Adumim, plus a services agreement. Yohananof excluded its Dimona land holding at this stage and said the restructuring was not expected to materially change its results or consolidated third-quarter statements.