The company paid C$22 million for the property.
Zur Shamir Holdings (TASE: ZUR) subsidiary Adgar Investment and Development Ltd. (TASE: ADGR) has bought a downtown Toronto office building for C$22 million (NIS 75 million), including costs. The 8,280-square meter building is fully occupied by 20 tenants, generating C$1.5 million (NIS 5.1 million) in annual rent.
Adgar financed the first part of the purchase with a loan of C$9.5 million against a lien on the property. The loan bears 6% interest. The balance of the payment was financed from the company's own resources.
Adgar owns income-producing properties in Israel, Poland, Belgium, and Canada. Its portfolio is worth NIS 2.8 billion. The company both buys and renovates existing properties and builds new projects.
Published by Globes [online], Israel business news - www.globes-online.com - on April 21, 2008
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