A third party signed an agreement to acquire Turquoise House and Manufacturers House from Jerusalem Economy Ltd. (TASE:ECJM) for approximately ILS 110 million on November 17, 2015. ILS 11 million has been deposited into a trustee account and the rest will be paid in two installments by the time the pre-conditions are fulfilled and by the time the transaction is completed. The transaction is subject to a letter from the Bank in favor of the pledged assets in order to cancel the mortgage which lays over them. In addition, the agreement for the sale of Manufacturers House is subject to stop conditions of failure to complete the rights registration of Jerusalem Economy on the Land Registry within a stipulated period of time. Subject to the described pre-conditions, the transaction is expected to be completed by the first quarter of 2016. Proceeds are intended to be partially used in the cancellation of a bank credit, and the rest will be transferred to Jerusalem Economy as free cash flow.

A third party completed the acquisition of Turquoise House and Manufacturers House from Jerusalem Economy Ltd. (TASE:ECJM) on January 24, 2016.