[Jackhammer]

Mishorim and Israel Land planning NIS 1b Toronto skyscraper
Skyline International Development plans to float on London's AIM.
Globes' correspondent 10 Dec 07 15:25

Israel Land Development Company (TASE: ILDC) amd Mishorim Development Ltd.'s (TASE:MSHR) Canadian real estate subsidiary Skyline International Development Inc. have bought a lot in downtown Toronto from the property's receiver for C$24.1 million (NIS 92 million). The lot is occupied by a parking lot, and Skyline plans to develop a 41,750-square meter 55-storey office, hotel, and residential skyscraper on the lot. The company also plans to apply to add 5,000-10,000 square meters in building rights.

Israel Land estimates the cost of construction, not including financing expenses, at C$138 million (NIS 527 million) and predicts a profit of $115 million (NIS 440 million) on C$253 million (NIS 967 million) proceeds.

Israel Land owns 30% of Skyline and Mishorim, controlled by president Gil Blutich, owns 66.8%. Skyline plans to hold an IPO on London’s Alternative Investment Market (AIM) on the basis of a company value of 209 million Canadian dollars made by Grant Thornton Canada LLP.

Published by Globes [online], Israel business news - www.globes-online.com - on December 10, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

[DC83]

When Harry met Hamilton

The Talk
Suzanne Bourret
The Hamilton Spectator
(Dec 13, 2007)

Lots of glitter at last week's PowerGroup Communications party. And lots of twitter about Harry Stinson, the new guy in town who blew in last month with some bon mots about Hamilton's downtown. In fact, the musicians should have been blasting out, I'm Just Wild About Harry.

For those who haven't read their Spectator recently, the tower power, known as The Condo King, was invited to expound on what Hamilton needs and doesn't need. Credit architect John Mokrycke for bringing the Toronto developer here as the first in the Acclamation Speaker Series, a fundraiser for the United Way of Burlington and Greater Hamilton.

John, who helps the United Way raise money, has long been an admirer of Harry's Toronto condo development work. He put in a cold call to see if Harry would talk about urban design issues and never expected to hear from him. But he did.

John's first words to him? "Don't go to the States, come to Hamilton." (A recent article in a Toronto newspaper, says John, described Harry as being fed up with Toronto and suggested he might move south.) "He was silent and then he said, 'I hadn't thought of that,'" says John. "He's all over town now and he knows more people than you and me," John chuckles.

Harry has impressed some of Hamilton's bright lights, including former MPP Judy Marsales, owner of Judy Marsales Real Estate and Bob Crockford, chairman of Valley City Manufacturing in Dundas.

"It's the biggest buzz around town. We actually have action instead of words. He sees opportunities. Within 24 hours he had momentum brewing," Judy told The Talk at the party. Her take? He's eccentric.

Bob, who lives in Corktown, sees him as the right combination to add to the mix. "This (buzz) isn't about Harry as saviour, but as new energy with a different perspective and new ideas."

Stinson is the grandfather of the loft movement in Toronto. He got the Candy Factory (one of Toronto's first loft developments) going, says Bob. "There are old buildings that need refurbishing. I've been concerned for 30 years. This city deserves better."

Harry, president of Stinson Properties Inc., showed up at the recent 80th anniversary celebration of United Way, says Darrel Skidmore, United Way CEO, who finds him an interesting guy and one of the brightest concept guys he has met. "He's genuinely interested in Hamilton."

It seems he is. Harry is apparently looking for a house in Hamilton. And he's already working four potential development projects in downtown, says John, who deserves a bow. Maybe Harry should run for mayor.