Electra Real Estaet Ltd. (Hereinafter The Company) – Immediate Report
The Company announces that on 30 June 2015, an agreement was signed and a transaction with a third party completed (Hereinafter: The Buyer) for the sale of all of its rights (60%) in the Company's associate company (Hereinafter The Associate Company) that holds a hotel in Antwerp Belgium (Hereinafter The Asset) for Euro 10 million (approximately NIS 42 million), reflecting a value of Euro 49 million for the Asset.
The Asset is a 210-room hotel located in the center of the Old Town in Antwerp, that is leased and managed by the Hilton Chain in a long-term rental.
No material effect is expected from completion of the transaction on profit and loss results in the Company's financial statements for Q2 2015.
Free cash flow that is generated for the Company as a result of the sale of its rights in the Associate Company is Euro 10 million (approximately 42 million).