Lev Leviev Buying Manhattan's Clock Tower

Africa Israel is paying $200 million for the NY City landmark

Africa Israel (TASE: AFIL) stock has been slipping in the last couple of weeks, leading some market animals to speculate that Lev Leviev's real estate company would scale back its massive acquisitions for a while.

Wrong. Africa Israel today announced the acquisition of all rights to the  Clock Tower office building in Manhattan, New York for $200 million. The Tower, which is a designated city landmark, has 26,000 square meters of space, is near Times Square.

Following the acquisition, Africa Israel is planning a roughly two-year renovation job costing about $110 million.

The Clock Tower had originally housed the New York Life Insurance Company, which moved to Madison Square in 1927.

In other Africa Israel news, yesterday subsidiary Africa Israel Properties, which is listed in Tel Aviv, raised million NIS 600 million through a private placement of bonds with institutional investors. It will be using the money to expand its portfolio of property in eastern and central Europe, handled through its company AFI Europe.

Africa Israel stock