Electra buys Nuremberg office building for NIS 541m.

By MARKETWATCH, AVI KRAWITZ
September 15, 2006 04:01

 
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MarketWatch: In-depth global business coverage Electra Real Estate said Thursday it bought an office building in Nuremberg, Germany, for NIS 541 million ($124m.). The building is fully leased through 2014 to Lucent Technologies, the Murray Hill, New Jersey, telecom-equipment producer, which has its European development center there, Electra said. In August, the Tel Aviv-based company bought six other properties in Germany for NIS 320m. Electra Real Estate is held 80 percent by Electra Israel, which produces central-air-conditioning systems, elevators, conveyors and plumbing and electrical systems. Electra Israel is held 65% by Elco Group, which also has interests in household appliances, consumer electronics and more. The Nuremberg building covers an area of 47,200 dunams and has 1,400 parking spaces on the campus. The company said net rentals at the property are NIS 42.6m. over a two-year period, heralding a 8.1% yield on the purchase price. Electra Real Estate shares rose on the Tel Aviv Stock Exchange. (MarketWatch) MarketWatch: In-depth global business coverage

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