Company Electra Real EstateWhich is controlled by the Elco Group, continues to expand its residential operations in the United States.
The company today announced the acquisition of a land division in an area designated for urban renewal in southern Miami for about $ 100 million. According to the company, the land was purchased with a local partner with extensive experience in locating, initiating and improving significant real estate projects in Florida. The equity invested in the transaction stands at approximately $ 52.8 million (75% of the company).
The land area is about 325 dunams, including about 75,000 square meters of built-up commercial space (mall and commercial buildings including anchor tenants), parking lots and rights to build thousands of housing units, including multi-family projects in which the company currently operates through funds under its management. The current NOI from trading areas amounts to about $ 6 million per year.
The parties intend to develop the land and build on it mainly residential housing projects, while examining the extent of the optimal use of building rights.
Electra Real Estate Engaged in the establishment and management of private investment funds. The company currently manages 5 investment platforms: housing clusters – about 30,000 housing units (4 funds), debt for housing clusters – 45 debt transactions (2 funds), private investment houses – 2,022 detached houses (9 partnerships), REIT Hotels – 4 Hotels, and an office fund in the UK – an office building in London. As of the date of publication of the annual report for 2021, the value of the real estate assets under management stands at approximately $ 6.5 billion. Managed investor capital amounted to approximately $ 3.2 billion.
Amir Yaniv, CEO of Electra Real Estate, stated that “The land we purchased is located in a prime location in an area with high access to major arteries and close to areas characterized by population density and high residential demand for rent. Miami, characterized by positive migration and high employment rates, In the US. The transaction reflects significant profit potential and the possibility of integrating the land division into the company’s multifamily activities within the framework of the funds under its management over the coming years. “