Investors Fair has contracted with AM WEST a wholly owned subsidiary of the income-producing real estate company
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, In a letter of intent not binding with a third party for the purchase of an anchored shopping center supermarket located in the state of Connecticut in the USA in a total area for rent of about 9,310 thousand square meters, the total purchase price stands at $ 22 million, not including purchase costs.
The purchase amount may increase by an additional $ 1 million, provided that certain commercial terms are met within six months from the date of signing the purchase agreement. The company’s management intends to finance at least 65% of the purchase price through a loan from financial corporations.
The company estimates and according to the presentations presented to the buyer by the seller, the current NOI of the property is about $ 1.5 million, the contractual average of the lease is about 3.8 years, the total occupancy rate of the property is about 85% and the average rent per square meter is About US $ 18.5 per month.
The Company estimates that to the extent that a detailed agreement is signed at the end of the day and the due diligence is completed to the Company’s satisfaction, then the transaction to purchase the property will be completed during the second quarter of 2022.
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