Delek buys share in German properties

Delek will receive NIS 15.2m. in annual rent from the properties, which include space rented by Deutsche Telekom and European retailer Metro.

By DANIEL KENNEMER
January 23, 2006 07:17
delek logo

delek logo 88. (photo credit: )

A foreign subsidiary of Delek Real Estate bought a 40 percent holding in two German properties, Delek said Sunday, putting the value of its stake at EU36.58 million. The properties are a five-floor office building and a complex including a two-floor retail space and nine-floor office building, both in the Frankfurt area. Delek will receive NIS 15.2m. in annual rent from the properties, which include space rented by Deutsche Telekom and European retailer Metro. Since 93% of the deal was financed with bank loans, the rent represents a 15% yearly yield on the company's own capital invested.


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