Harel buys central London office building
Israeli insurance, investments and financial services group to own 49% of rights to 10-story building purchased in English capital together with Ares investment fund for some £115 million
The Harel
Insurance, Investments and Financial Services Group has bought an office building in central London together with the Ares investment fund, one of the world's leading real estate funds.
Realty Partnership
Insurance group's subsidiaries acquire Minneapolis property with Israeli institutional investor, American investor for $277 million
Total investment in the property was some £115 million (about $185 million), reflecting a price of about £623 ($1,005) per square meter.
Harel will own 49% of the rights to the building, and Ares will hold the remaining 51%.
The purchase was mostly financed from reserves against return-contingent liabilities (money from life assurance policies and pension funds) and partly from nostro funds.
The building has 10 stories (above two basement floors) with a high finish level and measures 183,727 square feet (about 17,069 square meters). It is currently leased.
Ares manages assets worth some $8 billion. The company employs some 130 investment experts, 70 of whom are professional investment consultants.
