IDB's Property and Building sells Barneys building in Chicago

TEL AVIV, June 13 Thu Jun 13, 2013 6:11am EDT

TEL AVIV, June 13 (Reuters) - Israeli real estate developer Property & Building, a subsidiary of debt-ridden conglomerate IDB Holding, has agreed to sell the Barneys building in Chicago for $154 million.

The 9,000-square-metre building was purchased in 2011 for $122 million and together with rental income received over the past two years Property & Building had a pretax gain of $38 million, the company said on Thursday.

The buyer, who was not identified, is an American corporation specialising in shopping centres, Property & Building said.

The two main tenants of the building are Barneys New York and Citibank.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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