Net rent from the 9,500-sq.m. Berlin property totals €2.3 million a year.
A Delek Real Estate Ltd. (TASE: DLKR) foreign sub-subsidiary held through Delek Belron International Ltd. (TASE:DLKI.B1), has bought 80% of a company that owns the Deutsche Welle Anstalt building in Berlin for €30 million.
Deutsche Welle Anstalt rents building in two leases, one until June 2016 for 80% of the building, and the second until June 2014. Net rent from the 9,500-sq.m. property totals €2.3 million a year. Under the leases, rent will rise 6% every six years from October 2008.
Delek Real Estate is financing most of the purchase with a €28.5 million non-recourse loan.
Published by Globes [online], Israel business news - www.globes.co.il - on December 19, 2006
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