21st Dec 2015 17:35
LONDON (Alliance News) - Brack Capital Real Estate Investments NV said Monday that its subsidiary, whose shares are traded on the Tel Aviv Stock Exchange, has agreed to buy a portfolio of German residential units for EUR20.4 million.
The subsidiary has agreed to buy 296 residential units in Northern Germany, with a total leasable area of around 20,500 square meters. The occupancy rate of this portfolio is around 99% has it has an annual gross rental income of around EUR1.25 million.
The subsidiary is in advanced talks with a German bank to obtain a non-recourse financing loan of EUR14 million.
Shares in Brack Capital were untraded Monday. It last closed at EUR1.12.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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