Notice is hereby given that a foreign subsidiary of the Company, holding 60% of a property in the city of Winnipeg, Canada, has entered into a binding agreement for the sale of its interests in the property.
The primary details of the transaction are as follows:
• The property being sold is an office building and a commercial floor, in an inclusive area (100%) of approx. 55,700 m2.
• The selling price of the property (100%) is C$ 114 million (approx. NIS 421.8 million).
• The Company is not expected to record a capital gain from the realization of the property beyond that recorded in its financial statements for previous periods within the framework of the item of fair value adjustments.
• The total gross cash flow (100%), before transaction costs and income taxes to be generated from the sale of the property, following repayment of the loan, is approx. C$ 39.9 million (approx. NIS 147.6 million), and the subsidiary's share is approx. C$ 23.9 million (approx. NIS 88.5 million).
• The sale transaction is expected to be concluded by the end of May 2010.