Africa Israel Residences Ltd. (TASE:AFRE) signed an agreement to acquire 37.5% rights in Sumeil from a third party for approximately ILS 140 million on February 3, 2015. ILS 14.2 million will be paid upon signing of the agreement, ILS 17.8 million will be paid by March 19, 2015 and ILS 108.5 million, linked to the Consumer Price Index will be paid by August 2, 2016. The transfer of the asset will be carried out after the payment of the consideration in full. Africa Israel Residences Ltd. (TASE:AFRE) completed the acquisition of 37.5% rights in Sumeil from a third party on September 12, 2016. In order to finance the acquisition, Africa Israel Residences has undertaken a bank loan worth about ILS 120 million.