Jelmoli still expects real estate sale to go ahead despite calls for price cut |
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Fri, 21 Sep 2007 06:53
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ZURICH (Thomson Financial) - Swiss retail and real estate group Jelmoli Holding AG said it still expects the 3.4 bln sfr sale of its real estate portfolio to go ahead and close at unchanged conditions between end-September and end-October.The buyers of Jelmoli's real estate arm, Israel's Delek Global Real Estate and Blenheim, had asked for a price reduction, citing the current credit market crisis.But Jelmoli said it insists that contractual obligations will be met, which do not allow for cancellation or renegotiation.For its part, the Swiss group said it has fulfilled all its obligations.The group had recently postponed its EGM from end-September to October or November following a new motion, calling for the redistribution of the deals' proceeds to shareholders.andrew.ge.thompson@thomson.comat/hjpCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Jelmoli posts sharply higher H1 net on appreciation of real estate portfolio 