The 26-storey building in the Chicago Loop generates $10.4 million in annual rent.
Electra Real Estate Ltd. (TASE:ELCRE) has bought 60% of a Chicago office building for $152.7 million (NIS 656 million), plus $3.6 million (NIS 15.2 million) in ancillary costs. The purchase was made through a wholly owned foreign subsidiary. The 66,300-sq.m. 26-storey Class A property is located in the Chicago Loop, and generates $10.4 million (NIS 44 million) in rent a year.
The company said it took a $127 million loan from a US financial institution to purchase the property.
This is Electra Real Estate’s second purchase in Chicago. Last September, it bought 47% of a building at a value of NIS 412 million, together with partners.
Published by Globes [online], Israel business news - www.globes.co.il - on February 4, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007