Aura Investments Ltd. (TASE: AURA) signed a letter of intent to acquire 50% stake in properties consortium in Germany for ILS 400 million on July 18, 2011. Under the terms of the letter of intent, Aura will seek to replace the ILS 200 million bank financing for the property with other bank financing or debt, including a bond offering in Israel, for which the property will serve as collateral. After replacing the bank financing, Aura will receive shares amounting to half of the companies that own the properties. Also the consortium's current shareholders will have the right to draw ILS 70 million in preferred equity. The parties will conduct due diligence and secure alternative financingwithin 180 days. For the year ended December 31, 2010, properties consortium reported rental income of ILS 40 million and net operating income of ILS 30 million. Aura Investments Ltd. (TASE: AURA) cancelled the acquisition of 50% stake in properties consortium in Germany on July 18, 2012.