Jerusalem Economy Ltd. (TASE:ECJM) signed a letter of intent to sell 48 properties in Switzerland for CHF 72 million on October 10, 2012. Jerusalem Economy will receive CHF 10 million within ten days from the signing of the letter of intent, less transaction costs and taxes. The proceeds would enable repayment of a substantial part of Jerusalem's bond repayments next year. The transaction is subject to approval byby the financing banks and other conditions.

As of December 23, 2012, Jerusalem Economy signed a revised letter of intent to sell 48 properties in Switzerland. Under the new terms, Jerusalem Economy will receive CHF 60 million as consideration. The buyer has made a CHF 15 million down payment, which has been put in a trust account, and will pay the rest of CHF 45 million in three installments by August 31, 2013. On January 31, 2013, a detailed sale agreement was signed by Jerusalem Economy Ltd. for the sale of 48 properties in Switzerland. Upon signing of the agreement, Jerusalem Economy received another CHF 5 million of the consideration. The balance of the consideration in an amount of CHF 40 million will be paid in two installments up to completion of the transaction to be carried out no later than August 31, 2013.

Jerusalem Economy Ltd. (TASE:ECJM) cancelled the sale of 48 properties in Switzerland on January 17, 2014.