Real estate firm Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) said that its EPN Investment Management unit has signed a deal to buy to purchase seven shopping centers in Georgia, Oregon, and Florida.
The purchase price is $75 million, out of which $22.7 million will be paid by way of assumption of property-level debt. The properties have net operating income of about $7 million, which reflects an annual yield of approximately 9.2%.
EPN will buy the centers from certain affiliates of Charter Hall Retail REIT. The centers have a total gross lettable area (GLA) of approximately 650,000 square feet (approximately 60,000 square meters) and a current occupancy rate of approximately 91%.
EPN is a joint venture of Elbit Imaging and subsidiary Plaza Centers NV (LSE:PLAZWSE:WLZ), and Eastgate Property LLC.
Published by Globes [online], Israel business news - www.globes-online.com - on December 29, 2010
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