The three properties are fully leased to DIY retailer Hornbach.
Electra Real Estate Ltd. (TASE:ELCRE) and Kamor Ltd. (TASE: KMOR) have completed their joint acquisition of three shopping centers for €62.2 million, plus €5.2 million in costs. The properties, two in the Netherlands and one in Luxembourg, are fully leased to DIY retailer Hornbach Holding AG (XETRA:HGH).
Electra Real Estate acquired 45% of the three properties through subsidiary, Electech Real Estate BV, and Kamor acquired 50% through Kamor Europe Ltd. The properties have an aggregate space of 39,400 square meters, and generate €4.63 million in annual rent, giving a return on investment of 7.44%. Hornbach's leases run through 2024, and it has options to extend them
The current acquisitions are part of a framework deal made in 2006 for the acquisition of eight Hornbach shopping centers.
Published by Globes [online], Israel business news - www.globes-online.com - on January 21, 2009
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