Aspen Properties has bought a Bern office building and Habas has bought a Swiss shopping center.
Aspen Properties Ltd. (1990) Ltd. (TASE:ASBT) has bought an office building in the Swiss capital of Bern for CHF 19.5 million (NIS 68.4 million) in a buy and lease-back deal for seven years at CHF 1.5 million in annual rent. Aspen expects a net return on investment of 7%.
In a separate deal, Habas HZ Investments Ltd. (TASE: HABS) subsidiary Habas Star BV has signed a contract with a group of Swiss developers for the construction of several shopping centers in the country. The first deal is for a 1,700-sq.m. shopping center in Zweisimmen for CHF 5.7 million (NIS 20.3 million), including costs. The shopping center has already been rented to an international chain in a 15-year lease. Annual rent from the property will total CHF 350,000 (NIS 1.25 million).
Habas plans to buy and build more high-end shopping centers in Switzerland at prices giving a net annual return on investment of 6.65%.
Habas HZ owns 74% of Habas Star and Mayer Cars and Trucks Ltd. owns 26%.
Published by Globes [online], Israel business news - www.globes.co.il - on July 22, 2007
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