June 11, 2014 / 8:27 AM / 4 years ago

Israel's Azrieli agrees sell energy unit Sonol for $130 mln

JERUSALEM, June 11 (Reuters) - Israeli real estate developer Azrieli Group said on Wednesday it agreed to sell energy unit Sonol Israel to holding company S. Shlomo Holdings for 450 million shekels ($130 million).

Sonol, which is fully owned by Azrieli subsidiary Granite HaCarmel, distributes refined petroleum products and operates a nationwide chain of service stations.

Azrieli has numerous investments in Israel, including several shopping malls. It said it would receive 400 million shekels at the closing of the deal and the remaining 50 million through a loan granted to Granite.

The deal is part of Azrieli’s strategy to stick to its core real estate business, which means selling all or part of Granite.

Azrieli has recently signed memorandums of understandings to sell a desalination plant for 430 million shekels and paint maker Tambour to Singapore-based holding company Kusto Group for 500 million shekels.

$1 = 3.4658 Israeli Shekels Reporting by Steven Scheer

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