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Electra Real Estate

 

 Pursuant to the immediate report from 23 March 2015 (Reference No. 2015-01-058576), the Company hereby announces that the Company's Associate (Hereinafter: the Associate), 47% of which is held by the Company, and holds property in the city of Louisville Kentucky in the United States, completed on 14 May 2015 the transaction involving the sale of its rights to said property(100%) for a consideration of $58 million (Approximately NIS 225 million). 

The sold property is a 27,000 square meter office building. 

As a result of completion of the transaction, the Company is expected to register an immaterial profit in its financial statements. 

The free cash flow generated for the Company as a result of the sale of the property, less the repayment of the bank loan it received to finance its purchase and payment of costs involved in the sales transaction is US $7.7 million (approximately NIS 31 million).