Electra Real Estate buys 70% of Frankfurt building

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Ernst & Young rents the 22-storey building at �4.1 million a year through 2015.

Electra Real Estate Ltd. (TASE:ELCRE) has bought 70% of a Frankfurt, Germany, office building at a value of �62 million, plus �4.5 million in related costs. The 18,400-sq.m. 22-storey building is wholly leased to Ernst & Young at �4.1 million a year, in an unbreakable lease through 2015. The rent is linked to the German Consumer Price Index (CPI).

The company financed 95% of the purchase price, �59 million, with a non-recourse five-year loan at 5.14% interest.

Published by Globes [online], Israel business news - www.globes.co.il - on February 28, 2007