search
Front > Real Estate

Electra Real Estate sells Montreal office building

16 Oct, 2013 11:46
שלח תגובה במיילAviv Levy

The company is implementing the fire-sale of its Canadian property portfolio.

Electra Real Estate Ltd. (TASE:ELCRE) is implementing the fire-sale of its Canadian property portfolio, announced in June, with the sale of a light industrial and office building in Montreal for C$18.5 million (NIS 63 million). The sale will be closed in early 2014, subject to meeting certain conditions.

Electra Real Estate will report free cash flow from the sale, after deducting the loan on the property, of C$6 million (NIS 21 million), and an accounting loss of C$2 million (NIS 6.5 million). The company bought the 60,000-square meter building for C$11.5 million in September 2004, and has previously reported profits on it.

Electra Real Estate has been selling off properties, including its Canadian portfolio, which has a value of NIS 600 million, because of the company's financial problems. In the financial report for the second quarter, the company's auditors pointed noted that its liabilities exceeded its current assets by NIS 422 million. The company's solo cash and cash equivalents totaled NIS 70 million at the end of June, and its current liabilities totaled NIS 953 million.

Published by Globes [online], Israel business news - www.globes-online.com - on October 16, 2013

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

Eilat's old airport Photo: Shutterstock Building set to begin on former Eilat airport land

2,469 housing units will be built as well as 2,776 hotel rooms, 88,000 square meters of office space and 95,000 square meters of commercial space.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Givatayim, Ra'anana, Modiin-Maccabim-Reut, Gedera, Kiryat Shemona and Ashkelon.

Airbnb credit: Reuters Knesset ignores Airbnb tax evasion loophole

The Israel Hotels Association has slammed the government's indifference to tax evasion by Airbnb landlords, which it insists promotes unfair competition.

Sde Dov credit: Guy Yehieli Tenders close for 2,744 more homes in Sde Dov

Four tenders closed last month for the north Tel Aviv district saw a decrease of about 40% in the prices of land, and there is great interest in the prices these latest tenders will fetch.

Tel Aviv credit: Shutterstock Rent rises moderate due to emigration and reserve duty

Rents only rose 4% in 2024, the Bank of Israel reports, despite the large number of evacuees, due to the negative migration balance and the large number of young people in the army reserves.

Africa Israel Residence CEO Ronit Eshed Levy credit: Cadya Levy "Jewish communities want to move together to Jerusalem"

Africa Israel Residence CEO Ronit Eshed Levy told the Globes Going Long on Israel investment conference about urban renewal in Jerusalem.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Tel Aviv, Netanya, Rishon Lezion, Tirat Carmel and Sderot.

Supervisor of Banks Daniel Hahiashvili credit: Eyal Izhar, Shlomi Yosef processing: Tali Bogdanovsky BoI moves to restrict developers' financing offers

Supervisor of Banks Daniel Hahiashvili sees growing risk in bank loans subsidizing new home purchases.

Check Point offices credit: Shutterstock Check Point, Israel Canada buying NIS 800m Tel Aviv site

The two companies are expected to win a tender by the Tel Aviv Municipality for land zoned for residential and office construction in the Bitsaron neighborhood.

Inflation credit: Tali Bogdanovsky Unexpectedly low February CPI reading cuts inflation

While inflation in Israel in the 12 months to the end of February 2025 is lower than forecast, housing prices continue to rise.

Bavli Park penthouse credit: Eyal Tagar Tel Aviv Park Bavli penthouse sells for NIS 43m

A 44th floor penthouse in one of the two towers in businessman Yitzhak Tshuva's Park Bavli project has been bought by an Israeli businessperson.

Tel Aviv credit: Shutterstock Supply of unsold new homes hits record

Israel's real estate market is sliding into recession with 78,000 unsold new apartments in January, the Central Bureau of Statistics reports.

Real estate agencies illustration: Tali Bogdanovsky credit: Eyal Izhar Too many agents and too few housing deals in Tel Aviv

There were 2,270 second-hand homes sold in Tel Aviv last year, while the city has 2,566 registered realtors, "Globes" finds.

Ramat Hasharon house in Ankor Street credit: Leanna Rose Ramat Hasharon house sells for NIS 12.4m

The 240 square meter, five-room semi-detached house on two floors is on a 430 square meter lot in the Neve Rom neighborhood.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Ramat Gan, Holon, Modi'in Illit, Rehovot, Akko and Ashkelon.

BIG Glilot office tower credit: Dror Marmor 63% of BIG Glilot office tower already leased

The 44-floor office tower above the shopping center is charging lower rents than Tel Aviv but higher than Herzliya.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018