Electra Real Estate Ltd. (Hereinafter The Company - Immediate Report
Pursuant to the Company's immediate report from 24 December 2015 (Reference No. 2015-01-187827), the Company hereby announces that the Company's foreign corporation (Hereinafter: The Consolidated Company) which holds 100% of the rights in the income property in Germany (Hereinafter The Asset), completed on 5 February 2016 the transaction for the sale of rights to the property for a consideration of Euro 24 million (approximately NIS 104 million).
The sold property is a 26,800 square meter office building located in the region of Stuttgart Germany.
As a result of the completion of the sales transaction, and payment of costs involved in its completion, the Consolidated Company is expected to record a profit after tax of approximately Euro 2.2 million (approximately NIS 9.5 million) for the transaction.
Free cash flow generated for the Consolidated Company as a result of the sale of the asset, less the bank loan obtained to finance its acquisition and payment of costs incurred from the sales transaction and following payment of taxes on income is Euro 18.3 million (approximately 80 million).