DGRE Delek Glbl

 

TIDMDGRE 
 
RNS Number : 3175Q 
Delek Global Real Estate PLC 
08 April 2009 
 

8 April 2009 
Delek Global Real Estate plc 
('DGRE' or 'the Company') 
Sale of Canadian Property 
Delek Global Real Estate (AIM:DGRE) announces that legal entities (a trust and a 
company) indirectly wholly owned by the Company (the 'Vendors') completed the 
disposal of 'Place Chatel', a residential property located in Montreal, Canada 
(the 'Property'). 
 
 
The Property comprises a 27 storey building which contains approximately 300 
apartments as well as a commercial area and office space on the lower floors. 
 
 
As at 31 December 2008, the total value of the Property in DGRE's accounts was 
37.5 million Canadian Dollars ('CAD') (approximately GBP 20.5 million). The 
annual net operating income for the Property for the year ended 31 December 2008 
was CAD 2.45 million (approximately GBP 1.34 million). 
 
 
The Property has been sold for a total consideration of CAD36.7 million 
(approximately GBP 20.1 million) (the 'Consideration'). 
 
 
The outstanding balance of the loan relating to the Property (the 'Loan') is 
approximately CAD 21.6 million (approximately GBP 11.8 million). 
 
 
In order to avoid an early termination of the Loan, part of the Consideration 
was paid by the purchaser by way of an assumption of the Loan by the purchaser. 
The Loan was secured, inter alia, by guarantees given by the Vendors and other 
entities which hold additional properties in Canada. These guarantees shall 
remain in force until the end of the term of the Loan from the bank (which is 
expected to be terminated at the beginning of 2011). In the event that the 
guarantees are called upon, the guarantors shall step into the bank's shoes with 
respect to the mortgage over the Property. DGRE has not provided any guarantee 
in respect of the Loan. 
 
 
- Ends - 
For more information, please contact: 
Delek Global Real Estate PLC 
Yossi Friedman, CFO 
Tel: +44 20 7487 9130 
Email: yossi@delekgre.com 
 
Pelham PR 
Alex Walters 
Tel: +44 20 7337 1500 
Email: alex.walters@pelhampr.com 
 
 
Panmure Gordon & Co 
Hugh Morgan 
Christopher Bucknall 
Tel: +44 20 7459 3600 
Email: chris.bucknall@panmure.com 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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