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Alony-Hetz Invests $14 Mil in Equity One

NORTH MIAMI BEACH, FL-The Israel-based real estate investment company acquires 1.3 million shares of common stock in the locally based real estate investment trust for about $10.88 a share.

By David R. Corder | Updated on August 20, 2001

NORTH MIAMI BEACH, FL-In a move to offset costs of a pending merger, Equity One Inc. has sold 1.3 million shares of its publicly traded common stock to Alony-Hetz Properties & Investments Ltd., a Ramat Gan, Israel-based real estate investment company.

The North Miami Beach-based real estate investment trust sold the shares at a prearranged price of about $10.88 per share, for a total value estimated at $14.1 million. Proceeds will be used to offset costs related to the REIT’s pending merger with Houston-based United Investors Realty Trust.

By acquiring the stock, Alony-Hetz is exercising terms of an investment agreement it signed in October last year. Under terms of the agreement, the Israel-based company pledged to invest up to $32 million in Equity One stock prior to Dec. 31, 2002.

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