Brack Capital Real Estate Investments has announced that its Tel Aviv-listed subsidiary has agreed to buy a portfolio of German residential units for €20.4 mln.
Brack Capital Real Estate Investments has announced that its Tel Aviv-listed subsidiary has agreed to buy a portfolio of German residential units for €20.4 mln.
The subsidiary has agreed to buy 296 residential units in the northern German city of Kiel, with a total leasable area of around 20,500 m2.
The occupancy rate of this portfolio is around 99% and it has an annual gross rental income of around €1.25 mln.
The subsidiary is in advanced talks with a German bank to obtain a non-recourse financing loan of €14 mln.
