On the basis of local rents, the property will generate C$1.4-1.5 million a year in rent when fully occupied.
Adgar Investment and Development Ltd. (TASE: ADGR) last week bought a 7,000-sq.m. Toronto office building for C$9.6 million (US $8.3 million) through a fully-owned subsidiary. The company plans to invest C$7 million in renovations and expansion of the property’s commercial and parking space.
Adgar said that on the basis of local rents, the property will generate C$1.4-1.5 million a year in rent when fully occupied. The company added that it financed the purchase from its own sources.
Published by Globes [online], Israel business news - www.globes.co.il - on October 22, 2006
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