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BATM agrees sale of property in Israel

By BFN News | 09:04 AM | Monday 04 December, 2017


BATM Advanced Communications' fully-owned property management subsidiary BATM Mekarkein has agreed to sell a wholly-owned 5,757sq m building situated at Yokneam, Israel. The building, which BATM has owned since it was constructed 17 years ago, housed R&D and operational functions of BATM as well as some third-party tenants. Following the sale, BATM will lease 2,027sq m of the building to accommodate these business functions. The building has been sold to take advantage of the increased value of real estate in Israel as well as to provide the Group with flexibility to meets its evolving property requirements. BATM will receive a total consideration of NIS 34 million, which compares with the building's book value of NIS 13.5 million at 3 Dec 2017. As a result, the profits attributable to the transaction amount to NIS 20.5 million. NIS 13.6 million is payable on signing of the agreement and the remainder during 2018. Net proceeds of the sale will be added to the cash balance and be used as part of the group's efforts to grow the business. At 9:04am: (LON:BVC) BATM Advanced Communications Ltd share price was +0.51p at 26.13p Story provided by StockMarketWire.com

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