Africa Israel Investments Ltd., controlled by Lev Leviev has completed its sale of its holdings in bathing suit manufacturer Gottex Models Ltd. to an unidentified buyer in a deal worth NIS 166 million.

As part of the conditions of the deal, the two sides agreed on a revised payment schedule. The agreement states that Africa Israel received NIS 71 million as an advance before the date of the deal's completion, and will get an additional NIS 50 million paid on completion of the deal. In addition it was agreed that another NIS 45 million will be paid at various agreed dates in the future.

Africa Israel said it will post a pre-tax profit of NIS 80 million on the sale of the Gottex holdings. Africa Israel bought Gottex in 1997.

Since 2003, Africa Israel is the sole franchiser in Israel of the Zara fashion chain and Pull and Bear, a leading fashion company that appeals to a young audience, in cooperation with private investors from Canada.