Delek Real Estate acquires Swiss property for NIS 364m

The property generates an annual net rent of NIS 19.1 million.

Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Real Estate Ltd. (TASE: DLKR) is expanding in Switzerland. The company's subsidiary, Delek Belron International Ltd. (TASE:DLKI.B1) and its overseas subsidiary, Delek Global Real Estate Ltd. have acquired a company which owns a complex of buildings in Lausanne, Switzerland for SF 108.5 million (NIS 364 million).

The five-building office complex with underground parking extends over 34,000 square meters of space. Delek Real Estate said that the complex generates annual net rent of SF 5.7 million (NIS 19.1 million), of which 75% comes from 10 key tenants and the rest from other tenants under leases of varying periods. The complex's tenants include cellular communications Orange and business software giant SAP AG (NYSE; XETRA: SAP).

Published by Globes [online], Israel business news - www.globes.co.il - on June 17, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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