Israel's Electra Real Estate has scored two firsts with the acquisition, along with an unnamed partner, of a portfolio of 10 office properties in the Netherlands and Germany for NIS 1.5 bn (about EUR 276 mln). The deal was the largest ever carried out by Electra and its first in the Netherlands. Electra agreed to buy 70% of the portfolio for NIS 1.05 bn (EUR 193 mln), bringing its total volume of transactions this year to more than NIS 5 bn, Israeli newspaper Haaretz reported.

Israel's Electra Real Estate has scored two firsts with the acquisition, along with an unnamed partner, of a portfolio of 10 office properties in the Netherlands and Germany for NIS 1.5 bn (about EUR 276 mln). The deal was the largest ever carried out by Electra and its first in the Netherlands. Electra agreed to buy 70% of the portfolio for NIS 1.05 bn (EUR 193 mln), bringing its total volume of transactions this year to more than NIS 5 bn, Israeli newspaper Haaretz reported.

In a statement to Tel Aviv Stock Exchange, Electra said the acquired offices have a total area of almost 104,000 m2. Almost 48,000 m2 is in the Netherlands. Four of the properties are near Amsterdam's Schiphol Airport, with one each in Rotterdam and The Hague.

The remaining 56,000 m2 in Germany consists of a property in central Berlin, and one each in Dortmund, Hanover and Munich. The assets in both countries are leased to different tenants for different terms. Haaretz said the tenants of note include PwC, the Dutch communications company KPN, the Dortmund municipality, Kyocera, and the Dutch bank IDM. The combined annual rent for the portfolio of almost EUR 18 mln is linked to the consumer price index in the respective countries.

Two banks outside Israel are providing non-recourse loans totalling NIS 1.45 bn, or EUR 269 mln, backed by the assets themselves. Electra's managing director Shlomo Sherf said the company is examining new investment opportunities in Europe, North America and eastern Asia.