The return on the €4 million investment is 8.9%.
Aspen Real Estate Ltd. (TASE:ASRE) has bought a shopping center in Mannheim, Germany, for €4 million. The 3,200-square meter shopping center is located on a 1.75-acre lot, and is anchored by Rewe, one of Germany's leading supermarket chains, and an electromechanical company.
Both tenants have ten-year leases. There are also two smaller tenants. The net operating income is €356,000 a year, giving a return on investment of 8.9%. The company obtained a non-recourse loan for 80% of the purchase price.
Published by Globes [online], Israel business news - www.globes-online.com - on July 28, 2008
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