Electra Real Estate hereby announces that on April 19, 2022, it has entered into a transaction with a third party for the sale of the full rights in a housing association in Katie, Texas, USA, which was acquired by the Company and an American limited investor prior to the establishment of investment funds.
The property, which is managed by the company as a general partner, was purchased in January 2016 for a price of approximately $ 40 million and includes 268 housing units. The equity invested amounted to approximately $ 11 million. In addition, during the holding period, the asset distributed a total of approximately $ 3 million in current distributions, so that in total the asset will yield its investors a cash flow of approximately $ 33.5 million until the date of realization, reflecting an annual rate of return of 21% at the asset level and multiplying by capital Of 1.3
The original equity invested by the Company as Partner Limited in this transaction was approximately $ 1.3 million. The profits, including success fees, after tax that will accrue to the company from this transaction, in addition to the profits recorded by the company throughout the life of the property following revaluations and current operations, are approximately $ 1.1 million, the said profits will be recognized in the company’s financial statements in the first quarter of 2022