Electra Real Estate buys 55% of Toronto building

This is the company’s second purchase in Canada within two weeks.

Electra Real Estate Ltd. (TASE:ELCRE) announced today its second deal in Canada within two weeks. The company has acquired 55% of an office block in central Toronto for NIS 190 million (C$ 52.6 million), of which NIS 5.8 million was related expenses. Electra Real Estate also acquired an adjacent lot with 10,500 sq.m. of space for office or residential properties.

The 24,6000 sq.m. seven-storey building in central Toronto is 99% occupied and has 500 parking spaces. The offices are rented by Canadian government ministries, Heinz, EDS, and Shell.

To finance the deal, Electra and its partners will take a five-year non-recourse loan of NIS 133.2 million (C$37 million) bearing 5.1% interest.

Ten days ago, Electra Real Estate paid NIS 191 million for 75% of an office block in Winnipeg, which is leased to Canadian telecommunications company, MTS Allstream.

Published by Globes [online], Israel business news - www.globes.co.il - on January 10, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2006

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