Kardan will report a profit of €17 million on the €46 million sale.
Kardan NV (TASE: KRNV;AEX:KARD) subsidiary GTC Real Estate China Ltd. has completed the sale of its 50% stake in the Galleria Chengdu mall in the Szechuan Province in China to private equity firm MGPA for €46 million, and will report a profit of €17 million on the sale.
The 53,619-square meter Galleria Chengdu opened in November 2010. GTC China still owns the other half of the mall, and operates it.
Kardan's share price rose 1.4% by midday on the TASE to NIS 11.51, giving a market cap of NIS 1.27 billion, and rose 0.1% on the Euronext Amsterdam to €2.23.
Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
GTC China is involved in six projects in four cities, and has land in five others.