Brack Capital Properties NV (TASE: BCNV) has bought 13 commercial properties in Germany for €120 million. The properties have 157,000 square meters of rental space altogether, and are 94.5% occupied. Most of the properties have anchor stores that lease half of the space.
Brack Capital is negotiating with a German financial institution for a €105 million non-recourse loan to finance the purchase. The company expects to close the deal within two months.
Last week, Brack Capital bought 2,500 apartments in Leipzig for €73 million. The properties have 135,700 square meters of rental space and generate net operating income of €6.84 million a year, for a gross return on investment of 9.4%.
The company also completed the purchase of two commercial properties in Germany for €18.7 million. Earlier this year, it signed two deals to buy properties in Dusseldorf, Koln, and Dresden for €83.7 million.
Brack Capital's share price fell 1.7% today to NIS 125.20, giving a market cap of NIS 721 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 20, 2011
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