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IDB's Property and Building sells Barneys building in Chicago
June 13, 2013 / 10:19 AM / in 4 years

IDB's Property and Building sells Barneys building in Chicago

TEL AVIV (Reuters) - Israeli real estate developer Property & Building (PTBL.TA), a subsidiary of debt-ridden conglomerate IDB Holding IDBH.TA, 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 specializing in shopping centers, Property & Building said.

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

Reporting by Tova Cohen

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