July 21, 2019 / 11:02 AM / a month ago

Israel's Azrieli in talks to sell Granite Hacarmel unit to Elco

TEL AVIV, July 21 (Reuters) - Israeli real estate developer Azrieli Group said on Sunday it is in talks to sell its subsidiary Granite Hacarmel Investments to holding company Elco Ltd for 770 million shekels ($218 million).

Granite Hacarmel owns cooking gas distributor Supergas.

Azrieli said this was part of its strategy to focus on its core real estate business. The company said there was no certainty an agreement would be signed with Elco.

$1 = 3.5381 shekels Reporting by Tova Cohen Editing by Steven Scheer

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