BREAKING NEWS

Tshuva sells Delek Real Estate to US equity fund

By GUY KATSOVITCH/GLOBES

AUGUST 14, 2011 13:24

Yitzhak Tshuva has sold his 50.79% controlling interest in Delek Real Estate Ltd. to a US equity fund for nothing. The US fund manages real estate properties worth $5 billion, but has no business operations in Israel.

Under the non-binding letter of intent, the US fund will provide Delek Real Estate with a NIS 500 million owners' loan, whose terms will be determined, but which will be subordinate to all of Delek Real Estate's bondholders. The US fund will also provide an additional NIS 100 million loan, which will also be subordinate to Delek Real Estate's bondholders.

Tshuva will transfer all his bonds, owners' loans and guarantees, amounting to NIS 120 million, to the buyer.

Last Thursday, Delek Real Estate announced that it would buy back NIS 20 million of its Series 1 bond, which are not traded on the Tel Aviv Stock Exchange (TASE), which will eliminate the need to make NIS 1.5 million in interest payments.

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