Electra Real Estate Ltd ("The Company") hereby gives notice that it has entered into an agreement with a third party for the sale of its rights (50%) in a property in the city of Ra'anana, in consideration of a sum of approx. NIS 106.4 million (the Company's share).
The property being sold comprises two office buildings, covering a total area (100%) of approx. 18,500 m2, which are leased to Nice Ltd. on a long term contract.
The Company is scheduled to record a profit in respect of the transaction (before taxes and net of the costs related to the implementation of the transaction), in the sum of approx. NIS 4 million, in addition to the profits recorded by the Company in its financial statements for previous years.
The free cash flow to be generated by the Company in consequence of the sale of the property, net of the costs related to the implementation of the sale transaction and before income taxes, is approx. NIS 106 million.