Aspen Group Ltd. (TASE:ASGR), controlled by Roni Zarom, is continuing its shopping spree. The real estate company today announced that it has bought a commercial building near Kassel, Germany, for €2.9 million (NIS 14.5 million). The deal brings the company's purchases since the end of 2009 to NIS 213 million.
The 2,100-square meter building is fully leased, including 80% to the Rewe supermarket chain in a ten-year lease. The rest of the property is leased to a pharmacy in a four-year lease. Annual rent is €256,000 (NIS 1.3 million), giving a return on investment of 8.8%
Aspen Group owns mostly income-producing properties in Israel, Germany, and Switzerland. The company's share price rose 1% today to NIS 5.05, giving a market cap of NIS 190 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 14, 2010
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