BSR Europe will sell only six European properties to AFI Europe for NIS 475 million.
The sale of European properties by BSR Europe Ltd. (TASE:BSR) to Africa-Israel Properties Ltd. (TASE: AFPR) subsidiary AFI Europe NV is shrinking. The two companies today notified the Tel Aviv Stock Exchange (TASE) that the deal will now include the sale of only six properties for NIS 475.6 million, not the sale of ten properties for NIS 750 million as originally announced.
BSR Europe might also sell properties in Romania for an additional NIS 115.4 million, under certain conditions. If they are met, the total deal could grow to NIS 676 million. In the event that this sale is made, BSR Europe will report a capital gain of NIS 460 million.
Under the original deal, BSR Europe would have reported a capital gain of NIS 550 million.
Published by Globes [online], Israel business news - www.globes.co.il - on March 4, 2007
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