Electra buys German properties

The properties include three office buildings in Frankfurt covering 16,000 sq.m. of land, two office buildings in D sseldorf on a 4,650 sq.m. plot, and a Hamburg trade center on 6,500 sq.m.

By AVI KRAWITZ
August 17, 2006 07:51
for sale sign 88

for sale sign 88. (photo credit: )

Electra Real Estate said Wednesday it purchased a 50 percent stake in six properties in Germany for NIS 294.9m. taking over NIS 25.4m. in loans on the buildings. The properties include three office buildings in Frankfurt covering 16,000 sq.m. of land, two office buildings in D sseldorf on a 4,650 sq.m. plot, and a Hamburg trade center on 6,500 sq.m. In addition, the company said it sold seven properties in Germany a month ago for NIS 1.87 billion, which will yield Electra a profit of NIS 101m.


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