September 12, 2019 / 2:26 PM / 2 months ago

Israel's Azrieli to sell desalination unit GES for $31 mln

JERUSALEM, Sept 12 (Reuters) - Israeli real estate developer Azrieli Group said on Thursday it signed a non-binding deal to sell its wholly-owned unit GES Environmental Solutions for 110 million shekels ($31 million) to Generation Capital Ltd.

Azrieli said that at this stage there is no certainty that the negotiations will lead to a signing of the binding deal.

The move by Azrieli to sell GES, a provider of desalination, water and wastewater treatment solutions, is part of its strategy to focus on its core real estate business.

GES is the last of Azrieli’s non-core assets left to sell.

In July, Azrieli agreed to sell Granite Hacarmel Investments, which owns cooking gas distributor Supergas, to holding company Elco Ltd for 1.02 billion shekels.

$1 = 3.5390 shekels Reporting by Steven Scheer, Editing by Ari Rabinovitch

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