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IDT Corporation (NYSE:IDT; IDT.C) said today that its majority owned
subsidiary, Hillview Avenue Realty, LLC, sold its commercial real estate
holdings located in Palo Alto, CA for $62.7 million. IDT’s net proceeds
on the deal were approximately $3.1 million.
The properties, consisting of two interconnected office buildings
containing an aggregated 120,000 square feet on a 6.68 acre parcel of
land, were sold to BGR Associates, a California Limited Partnership.
About IDT Corporation:
IDT
Corporation (www.idt.net)
is a multinational holding company focused on the telecommunications and
energy industries. IDT Corporation’s Class B Common Stock and Common
Stock trade on the New York Stock Exchange under the ticker symbols IDT
and IDT.C, respectively.
IDT Investor Relations
Bill Ulrey, 973-438-3838
