Angel Bakery, long a fixture in Yerushalayim’s Givat Shaul neighborhood, will soon take up residence elsewhere.
Angel sold the site to More Provident Funds and other partners for 400 million shekels, Globes reported.
Angel, which has been in decline, said it’s making plans to transfer operations to other sites, mainly in Lod and Netivot.
The company estimates that the deal will enable it to post a pre-tax capital gain of NIS 335 million, almost 60% more than the company’s market cap before the sale.
Angel also estimates that its tax liability on the sale will be NIS 70 million after offsetting losses. Its share price rose by more than 50% after it notified the stock exchange of the transaction.
The bakery is currently situated on 4.75 acres in the Givat Shaul industrial zone, close to the light rail line and the new entrance to the capital.
The buyers say they will seek a zoning change from an industrial zone to a residential, commercial and office zone.