| News Kardan 22-11-2007 KARDAN´S REAL ESTATE SUBSIDIARY TO RAISE EUR 123 MILLION THROUGH
Amsterdam, 22 November 2007 - International investment company Kardan N.V. (Kardan) announces that its subsidiary GTC Real Estate N.V. (GTC RE) has successfully completed a tender to Israeli institutional investors for a private placement of non convertible debentures. With this issue, GTC RE will raise approximately EUR 123 million. GTC RE intends to use the funds for further expansion of its activities.
The debentures are of the same series as the debentures issued in February of this year, and have the same terms as these debentures. The debentures, having a par value of approximately NIS 690 million, were issued at a discount of 3.59% and have an AA- rating from Ma’alot, Standard & Poor’s affiliate in Israel. For an overview of the terms of the debentures, reference is made to the press release dated 31 January 2007. Since the debentures are denominated in NIS, GTC RE intends to convert the debentures from NIS to Euro at either a fixed or floating interest rate.
The debentures will be listed on the Tel Aviv Stock Exchange and are expected to be admitted to trading soon. GTC RE, the real estate division of the Kardan Group, holds a 46.1% stake in GTC SA, one of the largest real estate developers in CEE. GTC RE is active in Europe through GTC SA and GTC investments B.V., and in China through GTC Real Estate China Ltd. GTC RE’S shares are listed on the Tel Aviv Stock Exchange and are included in several of its major indices. Kardan currently holds (directly and indirectly) a 65.7% stake in GTC RE.
About Kardan Kardan is an international investment company with a focus on three sectors: Real Estate, Financial Services and Infrastructure. Kardan is primarily active in Central and Eastern Europe, where it conducts most of its activities. Kardan holds controlling interests in its main businesses and is actively involved in the definition and implementation of their strategy. Total assets per December 31, 2006 amounted to EUR 2.2 billion, with revenues of EUR 588 million. The number of employees engaged by the group is approximately 7,980 as of December 31, 2006. Kardan is listed on NYSE Euronext Amsterdam and the Tel-Aviv Stock Exchange.
For further information please contact: Citigate First Financial phone +31 (0)20 5754019
Menno Delken Mobile +31 (0)6 55 86 70 96 back |
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