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Elad Canada completes NIS 1.12b sale of Toronto project

23 Sep, 2012 11:25
שלח תגובה במיילGlobes' correspondent

Yitzhak Tshuva's company will report a cash flow surplus of NIS 600 million on the sale.

Elad Group Canada Inc. (TASE: ELCN), controlled by Yitzhak Tshuva, has completed the sale of the Parkway Forest residential project in metropolitan Toronto for C$281 million (NIS 1.12 billion). The project includes 1,670 condominiums.

Elad Canada will report a cash flow surplus of C$150 million (NIS 600 million) and a pretax profit of C$20 million (NIS 80 million) on the sale. As part of the deal, the buyer assumed the priority lien and C$19.7 million (NIS 78.6 million) in loans against part of the project. The balance of the loans - C$ 97 million (NIS 387 million) were repaid by Elad Canada when the deal was closed.

Elad Canada's properties include the Emerald City residential project of 2,500 condominiums, adjacent to the Parkway Forest project.

Elad Canada CEO Shay Braverman said, "The current deal demonstrates our ability to exploit excellent business opportunities to sell properties, creating large cash flows and substantial profits. The company is currently completing an additional sale, which together with the Parkway Forest deal, should generate for Elad Canada a net cash flow of almost NIS 1 billion."

Published by Globes [online], Israel business news - www.globes-online.com - on September 23, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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