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Kardan N.V. — M&A Activity 2013
Jan 18, 2013
6875_iss_2013-01-17_22b34a87-0bd9-4032-bc45-2b5a6bf33cdd.pdf
M&A Activity
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SALE OF REAL ESTATE ASSET IN ISRAEL COMPLETED
Amsterdam, January 17, 2013 - Kardan N.V. ("Kardan"), active in Real Estate, Water Infrastructure and Financial Services in emerging markets announces, following the earlier announcement of December 24, 2012, that the transaction to sell real estate asset in Israel was completed today.
Tahal Water planning for Israel Ltd. ("Tahal"), an indirectly held subsidiary of Tahal Group International, the 100% owned water infrastructure company of Kardan, has completed the sale of its rights in a leased real estate asset in Tel Aviv, Israel to an unrelated third party for NIS 74 million (approximately EUR 15 million) ("the Transaction"). The full consideration has been received today.
Following further analysis and a write off of the relating intangible asset, the expected profit for Kardan is approximately EUR 7 million, whereas in the announcement of December 24, 2012, an expected net profit from the Transaction was mentioned of NIS 53 million (approximately EUR 10 million).
About Kardan
Kardan identifies and develops assets in promising emerging markets, mainly in the CEE and China. Its activities are mainly focused on three sectors that benefit from the rising middle class: Real Estate, Water Infrastructure and Retail Lending. Company headquarters are in the Netherlands. Kardan aims at holding controlling interests in its investments and, through the development of local business platforms, is actively involved in the definition and implementation of their strategy. Total assets as of September 30, 2012 amounted to EUR 3.5 billion; revenues totalled EUR 291 million in 9M - 2012. Kardan is listed on NYSE Euronext Amsterdam and the Tel-Aviv Stock Exchange.
For further information please contact:
Caroline Vogelzang Director Investor Relations Tel: +31 20 3050 010 [email protected] www.kardan.nl
"This press release contains regulated information (gereglementeerde informatie) as defined in the Dutch Act on Financial Supervision (Wet op het financieel toezicht)"