Azrieli Group buys US office building

Property located in main business district in Houston, Texas acquired for some $107.5 million

Navit Zommer פורסם: 08.02.12, 08:30

The Azrieli Group has acquired an office building in a main business district in Houston, Texas for some $107.5 million.

 

The building measures some 32,000 square meters (344,000 square feet) in size and includes about 1,500 stores. It has four tenants, including American multinational chemical corporation Dow Chemical Company, which leases 87% of the building.

 

The building's income reflects a return on equity of some 7.5%.

 

The Azrieli Group will receive $70 million in funding from an American financial institute – 65% of the total cost of the deal. The loan will be given for a period of five years at a fixed interest rate of 3.6%.