Two Israelis Spend $2.4 Billion

Energy and real estate magnate Yitzhak Tshuva is allying again with fellow Israeli business giant Egal Ahouvi,  are entering the biggest property portfolio transaction in Swiss history.

Ahouvi and Tshuva, have agreed to buy a portfolio of 88 prime properties from Switzerland's Jelmoli Holdings for the vast sum of $2.8 billion. It will consist of office, hotel, and commercial buildings.

Guess Who Is Doing The Financing

Merrill Lynch has promised to lend the Delek Group up to 85 percent of the total investment, or NIS 10.2 billion, through a non-recourse loan guaranteed by the properties themselves. Delek will be putting up 320 million Swiss francs in shareholders' equity.