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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Delek Glbl | DGRE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 41.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 41.50 | 41.50 |
| Top Posts |
|---|
Posted at 08/1/2014 18:50 by kenny Any figure I guess at will likely be very far out because it is almost impossible to anticipate the demand from investors for such a long term project albeit it is in an ultra-prime location as well as the fact central London luxury flats have long attracted a premium from the mega rich who will pay almost any price if they like a property. If we look at net, net to shareholders after paying off the mortgage, freehold cost etc, then I hope we get 98p per share (anything over that would be exceptional, in my view). On the other hand, my minimum estimate is 40p and another estimate was 71p. All of these figures are on the basis of a full exit e.g. not on the basis of a deferred profit deal if the project achieves a high water mark. A deferred profit deal would mean we get much less upfront. The 71p estimate is based on the amount of a distribution the holding company needs to receive in order to fully pay its bondholders otherwise Mr T has to put his hand in his pocket. As you will see from the three figures I have given above, I really have no clear idea!! Perhaps, not long to wait until we have a clearer idea. |
Posted at 23/9/2013 12:59 by grollfam k, I will translate from "the Marker" British media are reporting : Northacre PLC company will invest £ 10 million luxury residential project in central London ■ Company will manage the property in the future and enjoy the management fees Another process that promotes the nearby luxury buildings project Buckingham Palace in central London. British news websites reported that invests answer put a new project . Investor is a British Northacre PLC . The company reported last weekend data exchange graphs for the FTSE 100 London that has committed to invest £ 10 million in special-purpose Palace Revive Limited . The company will invest in the property and is expected to complete the entry in January of 2014. The project , owned by Delek Global Real Estates ( DGRE ) and is controlled by Delek Real Estate , is expected to be built for several years. It will include residential , restaurant, parking , gym and other buildings . Delek Real Estate recently received the permits required for the rezoning of property located in central London. Designation of the property, the former offices of the British Foreign Office , modified into a residential building . Northacre gained during the past 20 years experience in designing , developing and marketing luxury residences in London worth over £ 1.5 billion . Additionally entry as an investor , it will also manage the property in the future and benefit from management . Project is expected to generate revenues at hundreds of millions of dollars. However, to complete it has required taking considerable debts . answer, for his part, would rather reduce the debt and get some of the future profits . Answer announced last week that the sooner payments of $ 130 million to bond holders of Delek Real Estate . Despite this, and despite the improving economic condition of repentance, suffered Bank Leumi and Bank Mizrahi - TEFAHOT haircut of up to 60% of the investment in Delek Real Estate . |
Posted at 23/9/2013 12:50 by tiltonboy They were not particularly forthcoming, and said that they wouldnt even announce it!If I was a betting man, I would suggest that DGRE may well be one of the investors in Palace Revive, and therein retaining an interest in the development. I have scoured the press for comment, but found nothing of any note. |
Posted at 20/9/2013 15:41 by kenny The inference from this article is that DGRE has not sold out of the development but, presumably, has brought in other investors; to provide the money to develop: hxxp://www.primeresi |
Posted at 18/9/2013 16:35 by kenny Looks like it has been sold:==================== Northacre will invest £10m into the redevelopment of 1 Palace Street, adjacent to Buckingham Palace. The residential developer said it will invest the money into Palace Revive Ltd, which is a special purpose company, financed by a number of institutional investors, which has bought the property. Planning permission has been granted for a residential scheme with a restaurant on the ground floor at the partially listed building. The deal is expected to complete in January 2014 and Northacre will then be appointed development manager. The property has been occupied by the Department for International Development. ==================== We just need to know the price now!!! |
Posted at 18/9/2013 16:24 by kenny Perhaps DGRE has sold the entire development to Palace Revive Limited, "a special purpose company, financed by a variety of institutional investors."I note completion is in January 2014 which is in line with when the bank loan is due for repayment. I would be very interested to learn what they got for it! |
Posted at 09/11/2012 07:04 by grollfam Kenny, hopefully we can re-coup some of the losses on NCP hereDelek in office-to-resi switch opposite Buckingham Palace Government department to move out of 1 Buckingham Gate to make way for luxury flats worth up to £500m The property company of one of Israel's richest men is planning to turn a central London government office building into high-end flats - where residents will have a very famous neighbour. Energy magnate Yitzhak Tshuva's Delek Global Real Estate has reached an agreement with the government at its 1 Buckingham Gate office building, paving the way for a conversion into luxury flats that could be worth more than £500m. The 170,028 sq ft building has a grade II-listed facade. It is on the corner of Buckingham Gate and Palace Street, directly opposite Buckingham Palace, and has views of the Queen's residence and its gardens. Delek Global Real Estate is in the initial planning stages for the project, with a view to submitting a planning application to Westminster City Council next year. The tenant, the Department for International Development (DFID), advised by the Government Property Unit, has agreed with Delek Global that it will move out of the building next year and end its lease, ahead of its original lease termination in 2020, which will save the government £63m. The redevelopment is expected to cost more than £100m. Though he declined to comment on the scheme's value, Delek Global chief executive Eyal Rabinovitz said £3,000/sq ft was attainable for high-end residential in this location. This would value it at more than £500m. "While other areas have been going through a crisis for some years, London residential prices have continued to boom," Rabinovitz said. "It is very attractive for investors from Asia, the Middle East and Europe, especially for a project in such a unique location. "It is the very early stages of the project, but we would hope to have a planning application in place next year, when the tenant is due to vacate, so we hope to commence the redevelopment soon after that. We think the situation is beneficial for us - as we get to undertake the redevelopment - and the tenant, as it removes an expensive lease liability ahead of time." Delek Global has not yet selected an architect or brought in a development manager, but it is likely to rely on the expertise of El-Ad, the high-end residential group also owned by Tshuva, which undertook a highly profitable conversion of the Park Plaza hotel in New York into apartments. Earlier this year, Tshuva completed a restructuring of Delek Real Estate, the listed parent company of Delek Global Real Estate, in which he owned a 51% stake. The company has now been privatised and is 100% owned by Tshuva. Bondholders that were owed £353m agreed to a repayment of £112m, in return for releasing the company from its liability. H2SO advised Delek Global Real Estate; Savills acted for the Government Property Unit and DFID. |
Posted at 01/9/2012 22:30 by kenny At last, a bit of good news for a change:Delek exchanges on Kinnaird House sale By James Buckley - Tuesday, August 28, 2012 15:45 Delek Global Real Estate has exchanged contracts to sell Kinnaird House on Pall Mall in a deal which will allow the Israeli property company to repay the securitised loan on the property. In a note to the Tel Aviv Stock Exchange, Delek said it had agreed to sell the building at 1 Pall Mall for £57m - £2m higher than had been agreed with a previous bidder in June before the deal collapsed a week later. Kinnaid House is being sold to a private overseas investor, with the deal scheduled to complete on 4 September. Kinnaird House has been on the market through Jones Lang LaSalle, which was seeking around £67.5m for the asset, reflecting a yield of 4.95%. Delek said it would use £48.6m of the proceeds to repay the securitised loan on the property. Bondholders in the Nemus Arden II CMBS, issued by HSBC in 2006, would have been repaid at the July interest payment date if the sale to the previous bidder had gone through. Delek also said it expected to generate net cash flows as a result of the sale of around £8m. However, the proceeds after debt repayment cannot be reinvested without permission from Tel Aviv District Court. The news of the deal comes after bondholders yesterday failed to agree Delek Real Estate's debt settlement, meaning that a court-appointed receiver will almost certainly take control of Yitzhak Tshuva's flagship property-development company next week. On Monday, only 30% of bondholders of Delek Real Estate voted on the company's proposed debt settlement. As a consequence of the lack of attendance, the proposed debt settlement did not have the necessary 75% majority of bondholders, except for the Series 4 Bond, the smallest of the company's three bonds, with an outstanding debt of NIS 150m (£23.67m). The Kinnaird House loan comprises 18% of the outstanding Nemus 2006-2, which has a scheduled maturity in May 2013. There is no on-going LTV covenant, however there is a cash trap mechanism set at 1.12x 76.4% of the income, secured against McKinsey & Company UK. The building was redeveloped behind a retained period façade in 2001 to provide 71,504 sq ft, including 61,296 sq ft of office space arranged over ground and six upper floors, as well as 9,851 sq ft of restaurant space at lower ground floor level. The asset is held on a long leasehold from The Crown Estate expiring 11 November 2126, and geared to 15% of rents receivable. It is fully let producing a gross passing rent of £4.1m pa and a net passing rent of £3.53m pa. The building has a weighted average lease length of 13 years including the reversionary lease to McKinsey & Company. The offices are entirely let to McKinsey & Company United Kingdom until March 2018 (6.5 years unexpired); and the restaurant is let to Out of Africa Investments on a lease until September 2037 (26 years unexpired). Jones Lang LaSalle declined to comment. |
Posted at 27/8/2012 06:52 by grollfam D-day for Delek Real Estate, as bondholders vote on debt accord A 'no' vote seems likely, which means a court-appointed receiver will almost certainly be taking control of Yitzhak Tshuva's flagship property-development company next week By Shelly Appelberg and Michael Rochvarger | Aug.27, 2012 | 5:05 AM If controlling shareholder Yitzhak Tshuva doesn't get Delek Real Estate's bondholders to agree on a settlement in a vote called for Monday, a temporary receiver will be appointed next Sunday by Tel Aviv District Court Judge Varda Alshech. That move would set the ball rolling for secured creditors holding additional company debt of over NIS 600 million - Bank Leumi, Bank Hapoalim, Israel Discount Bank, Mizrahi Tefahot Bank, Mercantile Bank and Phoenix Holdings (another Tshuva company ) - to appoint a receiver over its assets. A preliminary vote held Thursday night on a proposal involving a 60% to 88% haircut failed to amass the necessary majority for a NIS 2.15 billion settlement.] The vote followed a secret meeting held last Sunday between Tshuva, Delek Real Estate CEO Eran Meital and Edward Keller, the representative of the militant holders of NIS 600 million in series B25 bonds. Keller proposed an overall cash settlement by Tshuva to replace the complicated multifold proposal on the table. Tshuva was apparently referring to such a deal when he offered to lay out NIS 500 million to NIS 550 million over a five-year span and erase the rest of the debt for a 75% haircut. Delek urges investors to vote 'The market said its piece' Tshuva needs to decide quickly whether to up his offer or go through with liquidation. But according to series B5 representatives, "The market said its piece and isn't interested in a settlement." Delegates representing private bondholders said that "the settlement's collapse was unavoidable, and the results speak for themselves. Tshuva left us no choice. We have a set plan for the day after, whether the company goes into liquidation or negotiations continue." Delek Real Estate responded that the settlement, contains a "significant and unprecedented contribution by Tshuva" amounting to hundreds of millions of shekels throughout the period of the arrangement. "The company assumed, and still assumes, that the settlement alternative with all its components is better by a wide margin than liquidation," Delek said. "Even the representatives [of the bonholders] opposing the arrangement sayd the value that bondholders would get is infinitesimal. There is still a chance for 70% of the bondholders who still haven't voted or expressed their opinion to utilize their rights to vote and make a decisive choice in favor of the settlement," the company said. |
Posted at 09/8/2012 08:07 by kenny Today's Haaretz newspaper:Delek Real Estate securities traded against the background of opposition by the representatives of Series Dalet bondholders to a proposed debt arrangement. The representatives came out in favor of dissolution of the company instead. In other developments on that front, Tel Aviv District Court Judge Varda Alshech required that the company as well as bondholder representatives present investors with their options in plain language regarding the implications of a debt arrangement versus dissolution. Delek Real Estate shares closed 2.5% higher in trading yesterday. |
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