Delek Real Estate Ltd. (TASE: DLKR) subsidiary Delek Global Real Estate Ltd. and its partner Major Belle Ltd. have sold the No. 1 Croydon building in southern London suburb for ₤31 million (NIS 176.7 million). Delek Global Real Estate owned 45% of the office building and Major Belle owned 55%.
In the notice to the Tel Aviv Stock Exchange (TASE), Delek Real Estate said that if the buyers, who were not named, sell the property with 18 months from the closing date, for more than ₤31 million, they will pay the sellers 15% of the additional net proceeds of the sale.
The recently renovated 24-storey 14,995-square meter office building is a landmark in East Croydon. Located near the railway station, it was built in 1970, and its tenants include well-known UK firms.
Yitzhak Tshuva owns 50.76% of Delek Real Estate, which owns 85% of Delek Global Real Estate. Delek Real Estate's share price rose 3.4% in early trading today to NIS 1.66, giving a market cap of NIS 786 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 21, 2010
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