10 Sep 2007 17:58
Turkiye Is Bankasi10 September 2007 05.09.2007The Sale of Real Estate to Is REIT As per the resolution of the Board of Directors dated 05.09.2007, it is decidedto sell a real estate to Is Gayrimenkul Yatirim Ortakligi A.S. (Is REIT, aparticipation of Isbank) in order to develop a project. The 18,392 square meterreal estate is registered as Isbank's property and it is located in Izmir,Konak, Zone 1, Mersinli District, Plot 296, Block 3324 and Parcel 106. It isdecided to collect as the sales price; • 50% of the total price amounting to USD 12,000,000, determined by the appraisal firm, at the date of notification of the sales commitment contract to the land registry and the remaining amount at the transfer date of deed to Is REIT, • 50% of the net profit to be gained from the sale of houses and home-offices within the Project and 50% of the rental fees, in case the aforementioned houses are to be rented, • And to leave the gross 400 square meter independent area in the shopping district to the use of Isbank free of charge for a period of 10 years. This information is provided by RNS The company news service from the London Stock Exchange