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Delek Global Real Estate Limited ("DGRE") - Conclusion of Jelmoli Arbitration
Zurich (ots) - Jelmoli Holding AG ("Jelmoli"), acting on its own behalf and on behalf of its relevant subsidiaries ("the Jelmoli Group") on the one side, and Empario Holding GmbH ("Empario"), Delek Global Real Estate Limited (holding indirectly 33.33% of the share capital of Empario), Delek Belron International Limited (holding indirectly 16.67% of the share capital of Empario) and Blenheim Properties Group Limited (holding indirectly 50% of the share capital of Empario) ("the Delek Blenheim Group"), each acting on its own behalf and on behalf of its relevant subsidiaries on the other side, after conducting negotiations to settle all their mutual claims and counterclaims relating to the sale and purchase agreement signed between Jelmoli and Empario on 31 July 2007 ("the SPA") as well as the arbitration which has been commenced by Jelmoli against the Delek Blenheim Group ("the Arbitration"), have agreed as follows:
1. As a final settlement of all their mutual claims, one against
the other, including claims of or against all their relevant
subsidiaries, shareholders, directors and officers, relating to
the SPA and the Arbitration, Delek Blenheim Group shall pay to
Jelmoli an amount of CHF 21.5 million ("the Settlement Amount")
and the Delek Blenheim Group shall waive the re-payment of the
down-payment made to the Jelmoli Group and being the subject
matter of the counterclaim.
2. The Delek Blenheim Group together with the Jelmoli Group ("the
Parties") shall draft, within the near future, the detailed
agreement based on the agreement stated in paragraph 1 above
and paragraph 4 below ("the Detailed Agreement").
3. The arbitrators' tribunal shall be requested by the Parties to
sanction the Detailed Agreement in the form of a consent award.
4. Each of the Parties shall bear its own legal costs and the
Parties shall share in equal parts the costs and expenses of
the Arbitration proceedings.
About Delek Global Real Estate: DGRE: AIM
Delek Global Real Estate Limited 'Delek' is the international real estate arm of Delek Group, one of the leading and most prominent investment groups in Israel. Delek is an AIM-listed real estate group with a high-quality portfolio of property assets in prime locations, in mature economies in Western Europe and Canada. These are primarily blue-chip property assets in hotels, retail complexes, car parks and office buildings.
ots Originaltext: Delek Global Real Estate
Delek Global Real Estate Limited
Nadav Zohar, COO