TEL AVIV, Jan 28 (Reuters) - Israeli conglomerate Africa Israel Investments (AFIL01.TA) said on Wednesday it signed a memorandum of understanding to sell its 50 percent stake in the Gottex swimwear venture to its partners for $50 million.

Gottex spring-summer 2009

Africa Israel said it would receive $42 million up front and the rest over four years, if Gottex makes profits, from the foreign buyers, who already own the other half of Gottex.

Africa Israel will post a pretax gain of 90 million shekels ($22.4 million) from the sale.

Gottex designs beachwear in Israel and abroad through Gottex Models Ltd and Christina America Inc. It also markets clothing brands Zara, Pull and Bear and Massimo Dutti in Israel under licence from Spain's Inditex SA (ITX.MC).

Chief Executive Izzy Cohen said in a statement that Gottex was not core to the group's activities, which focus on residential, commercial and hotel real estate development, construction, infrastructure and industry in Israel, Russia, former Soviet Union countries, the U.S. and Eastern Europe.

The deal is subject to the receipt of various approvals within 100 days.

Africa Israel shares opened 4.8 percent higher, compared with gains of 1.5 percent in the broader Tel Aviv market .TA100. ($1 = 4.01 shekels) (Reporting by Tova Cohen, editing by Will Waterman)