Electra Real Estate, Harbor Group sell Chicago office building

The companies sold the property for $112.5 million, after buying it for $91.5 million in 2006.

Electra Real Estate Ltd. (TASE:ELCRE) and Harbor Group International Ltd.sold a Chicago office building for $112.5 million (NIS 403 million. The share of Electra Real Estate, which owned 47% of the property, is $52.9 million (NIS 189.4 million) on which it will report a cash flow surplus of NIS 54 million, after deducting the loan on the property.

The companies bought the 48,000-square meter building for $91.5 million in 2006. The sale will be closed in September.

The sale follows Electra Real Estate's sales of its 50% stake in three Swiss properties earlier this month for NIS 113 million (CHF 29.6 million), on which it will report a cash flow surplus of NIS 25 million. In June, the company announced that it will exploit the Canadian property boom to sell all its properties in the country for NIS 600 million.

Electra Real Estate is a unit of Elco Holdings Ltd. (TASE: ELCO), controlled by Georg Salkind.

Published by Globes [online], Israel business news - www.globes-online.com - on July 28, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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