Harel has 49% share in partnership
Harel in deal to buy US office building
Insurance group's subsidiaries acquire Minneapolis property with Israeli institutional investor, American investor for $277 million
Subsidiaries of Israel's
Harel
Insurance Investments and Financial Services acquired an office building in Minneapolis along with an Israeli institutional investor and an American investor for $277 million.
Harel's share in the partnership is 49%, the Israeli insurer said in a statement. The Israeli institutional partner will hold 25% and the American investor, who will manage the property, will have 26%.
The 51-storey building in the business center of Minneapolis has 130,000 square meters (1,400,000 square feet) of space for rent, of which 94% is already occupied.
The purchase will be financed through the partners' capital and bank credit extended by a US financial institution.
