The Owensboro shopping center generates $3.16 million in rent a year.
IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Property and Building Ltd. (TASE: PTBL) and its US partner have bought a shopping center in Owensboro Kentucky for $30.5 million. The purchase was made through a subsidiary owned in equal shares by the partners.
Macy’s owns 7,000 sq.m. of the 47,000-sq.m. shopping center. Property and Building and its partner obtained a 10-year non-recourse loan of $25.5 million at 5.81% to buy the property, and financed the balance of $5 million from equity. The shopping center is 95% occupied, anchored by Macy’s, JCPenny, and Sears, and generates $3.16 million in rent a year.
Published by Globes [online], Israel business news - www.globes.co.il - on April 18, 2007
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