Ontario's Horseshoe Valley ski and golf resort has 700,000 visitors a year.
Mishorim Development Ltd. (TASE:MSHR) and Israel Land Development Company (TASE: ILDC) Canadian joint venture Skyline International Development Inc. has closed the deal for the purchase of the Horseshoe Valley ski and golf resort for C$36.8 million and obtained the financing for the deal.
The financing was secured after Skyline obtained a valuation of the resort, including development, of C$51.5 million from CB Richard Ellis Inc. (NYSE: CBR). The lending bank will therefore provide a C$25 million loan at 8.26% interest for an initial five-year period. The interest will be recalculated at the end of this period depending on Skyline's meeting of repayments. Mishorim will provide C$11.5 million in shareholders' equity for the deal.
The Horseshoe Valley ski and golf resort in Ontario attracts 700,000 visitors a year.
Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2008
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