Electra buys 70% of office building in Frankfurt

By A staff reporter 2007-03-01T00:00:00+00:00

Electra Real Estate has acquired 70% of an office building in Frankfurt for EUR 66.5 mln. The 22-storey building provides some 18,400 m[sup]2[/sup] of office space and is fully leased to business services company Ernst & Young at EUR 4.1 mln per annum until 2015.

Electra Real Estate has acquired 70% of an office building in Frankfurt for EUR 66.5 mln. The 22-storey building provides some 18,400 m² of office space and is fully leased to business services company Ernst & Young at EUR 4.1 mln per annum until 2015.

Electra financed 95% of the purchase price, which compares to EUR 59 mln, with a non-recourse five-year loan at 5.14% interest, news website Globes Online reported.