Herzl Habas
Habas buys 2 office buildings in Switzerland
Israeli real-estate company expands its activity in European country, purchases two buildings for NIS 46.5 million
Israeli real-state company Habas is expanding its activity in Switzerland by purchasing two office buildings in the European country for NIS 46.5 million (about $11.42 million), in addition to deal expenses of approximately NIS 3.3 million ($810,605).
The annual rental fee from the two buildings is about NIS 2.7 million ($564,804). Habas is expected to finance the deal through a loan of NIS 40.5 million ($9.94 million). The rest of the investment will be financed by the group's independent sources.
Habas concluded the first quarter of 2007 with a net profit of NIS 9.7 million ($2.38 million) compared to a net profit of NIS 14.5 ($3.56 million) in the same quarter last year. The company's revenues from the sale and renting of apartments amounted to NIS 35.7 million ($8.76 million) compared to NIS 140.3 million ($34.45 million) in the same quarter in 2006.
Herzl Habas, the company's CEO and one of its shareholders, said that the purchase was an addition to the group's portfolio of high-yielding assets and contributed to improvement of its asset portfolio.
