Company Alony Arrow, Controlled by Nathan Arrow (14.5%), continues to reduce its presence in the yielding real estate market in Switzerland. On Thursday, Aloni Hetz sold 750,000 shares of the PSP-yielding real estate company at a price of 151.4 Swiss francs and a total consideration of 113.5 million francs (400 NIS million), taking advantage of a 53% increase in the 12-month share price to a market value of NIS 6.5 billion (NIS 23 billion).
Following the sale, Aloni Arrow’s stake in PSP fell from 7.96% to 6.32%, worth CHF 390 million (NIS 1.4 billion). Aloni Arrow will record a capital gain of NIS 125 million in pre-tax financial statements for the first quarter of 2020. In December 2018, the company held 12.2% of PSP’s shares, but since then it has consistently diluted its stake in the company and increased its investments in the London and Boston yielding real estate market.
Alony Arrow
PSP is engaged in the acquisition, improvement and management of rental real estate for offices in Switzerland’s important urban centers – Zurich, Geneva, Bern and Lausanne. At a rate of 96.5%, as of the end of 2019, compared with 95% at the end of 2018.
The company is developing another 12 assets with a fair value of CHF 722 million. PSP earned CHF 453 million in 2019, an increase of 47% compared to 2018, following a 4% increase in rent worth € 290 million and an increase in revaluation profits to CHF 244 million.
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