Electra, Kamor buy Dutch DIY centers

Tel Aviv-listed firms Electra Real Estate and Kamor have completed their joint acquisition of two shopping centres in the Netherlands and one in Luxembourg for a total of EUR 62.2 mln, in addition to EUR 5.32 mln in costs.

Newspaper Globes reported that the properties are leased to German DIY retailer Hornbach Holding. Electra acquired 45% of the three properties through a Dutch-registered subsidiary and Kamor acquired 50% through Kamor Europe. The properties have an aggregate space of just under 40,000 m².

Globes said the assets generate EUR 4.63 mln in annual rent, giving a return on investment of 7.44%. Hornbach's leases run through 2024 and feature an option to extend. The parties signed a framework agreement in 2006 to acquire eight Hornbach retail centres.