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Israeli firm buys German cinema complex
Industrial Buildings Corporation buys 94 percent of German company, which owns one of West Germany's largest cinema complexes, for 12 million Euros
Israeli real estate company, Industrial Buildings Corporation, which is run by Eliezer Fishman, has purchased one of Germany's largest cinema complexes for the price of 12 million Euros.
The company bought 94 percent of the stocks of the German company that owns the complex, which includes 13 movie theaters, and seats 4,300 people on an area of 20,000 square meters (about 215,000 square feet) in West Germany.
The property was rented to a local operator for a period of 15 years.
The expected net annual operational income is some 1.1 million Euros, which is a 9 percent yield.
The completion of the deal will go through pending a few conditions including collateral attachment removal.
Ilam Geifman, vice president of IBC said that "this deal joins a chain of deals that we have recently reported in the frame of which the company is expanding its profitable investments in real estate in Western Europe in addition to investments in Russia, India and the USA."
