Angel Bakery sells Jerusalem site for NIS 400m

Publication Date26 Aug 2021
AuthorRoi Weinberger
Angel also estimates that its tax liability on the sale will be NIS 70 million after offsetting losses. Angel's share price rose by more than 50% after it notified the stock exchange of the sale, bringing its market cap to NIS 330 million.

Angel's bakery stands on nineteen dunams (4.75 acres) in the Givat Shaul industrial zone close to the light rail line and the new entrance into Jerusalem. The buyers intend to promote a zoning change under the Jerusalem master plan from an industrial zone to a residential, commercial and office zone. Angel says that it is drawing up plans to transfer the bakery's activity to other sites, mainly in Lod and Netivot.

More Provident Funds share in the deal is 20%. Construction on the site is expected to begin in 2024, at which time the buyers will decide whether to bring in more partners.

Angel is controlled by Stybel Ltd. - Flour Mills, which holds 24% of the shares, and the Angel family, headed by the company's CEO Yaron Angel, who holds 23%. The company's business has been...

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