The company acquired 60% of the property at a value of C$102.5 million.
Electra Real Estate Ltd. (TASE:ELCRE) has bought 60% of a 32-storey office building in Winnipeg, Manitoba, Canada at a value of C$102.5 million, plus C$1.5 million in related costs (NIS 412.9 million altogether).
The office building has 55,500 sq.m. net rental space, and 62,000 sq.m. in additional building rights. The main tenants are Canadian government agencies, accounting firms Deloitte Touche and Ernst & Young, and Rail Canada. The building is 94% occupied, generating C$17.25 million (NIS 68.5 million) in annual rent. Net rent is C$8.35 million (NIS 33.1 million) a year, for a return on investment of 8%.
Electra Real Estate has obtained a non-recourse 5.72% fixed-interest ten-year loan at a 100% value of C$75.75 million (NIS 300.7 million) for the deal.
Published by Globes [online], Israel business news - www.globes.co.il - on September 2, 2007
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