Delek Group Ltd. (TASE: DLEKG subsidiary Delek Real Estate Ltd. (TASE: DLKR) has completed the acquisition of the Roadchef UK motorway service chain for ₤375 million. The value includes ₤216 million in securitized debt. The deal was completed through a foreign subsidiary of Delek Belron International Ltd. (TASE:DLKI.B1), which owns 75% of the company, with the rest held by sister company, Delek Petroleum Ltd.
The deal includes 29 properties under the Roadchef brand, including petrol stations, 15 hotels with a total of 600 rooms, fast-food restaurants, convenience stores, and amusement areas. Aggregate built-up space is 60,000 sq.m. on 600 acres.
Delek Belron obtained a non-recourse loan of ₤112.5 million to finance its share of the deal, plus ₤14.4 million in equity. Delek Real Estate is backing the loan.
The seller’s earnings before interest, taxes, depreciation and amortization (EBITDA) was ₤30.9 million in 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on April 1, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007