Delek Real Estate sells European properties
July 22nd, 2007 by Dino
The company sold properties in Hungary and Slovakia to Ambassador International Real Estate in a share deal.
Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Real Estate Ltd. (TASE: DLKR) has sold properties in Hungary and Slovakia to Ambassador International Real Estate Ltd. for 37.5% of Ambassador. The deal is subject to Ambassador holding its planned IPO on the Tel Aviv Stock Exchange (TASE).
In August, Ambassador plans to raise NIS 150 million in stocks and bonds at a company value of NIS 200-250 million. If the IPO is successful, Delek Real Estate will make tens of millions of shekels in unlocked value. Ambassador is currently building 11 housing and commercial projects in Hungary and Slovakia for €300 million, and expects €380 million in sales proceeds.
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