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AL, which deals in profitable real estate in Europe and Israel and solar energy in Israel, continues to increase its total assets in Germany. The company signed an agreement to purchase a commercial property in exchange for 2.615 million euros.
The property is commercial and mostly empty. The company rented it all to tenants for long periods (about 10 years), even before signing the purchase of the property. Now they state that the property in the city of Warslaan, which was sold mostly empty, became 100% occupied, on the day the agreement was signed.
The property is located on an area of 4,736 square meters, on which a 3,380 square meter commercial center is built, with 2 floors including 33 parking spaces belonging to the property, serving the needs of the population. It is located in a retail park that is a huge shopping center that serves as a large employment area serving the cities of Worcester and Essen.
Just two weeks ago we reported here that the company signed a binding agreement to purchase a commercial center – the center of the “Adler” company in the city of Aschaffenburg for approximately 10.3 million euros. The annual interest on the property starting in 2023 is expected to be 1.15 million euros, under a yield per transaction (CAP) of 11.17%.
The annual rent in the new property amounts to approximately 308.28 thousand euros, which represents a return of approximately 11.79% and also a return to equity of approximately 17.9%. The price per 1 built-up square meter is 774 euros. In addition, a document of principles was received from a local bank for a loan of approximately 2 million euros for a period of 15 years, at a fixed annual interest rate of approximately 3% nominal non-linked. According to the company’s report, a total The equity including transaction expenses is 968 thousand euros.
In the area of the property, there are commercial, employment, industries and offices adjacent to the property and well-known and high-quality chains, such as: ALDI, METRO, Kaupland and McDonald’s and KFC food chains.
But this is not the only event at Lahav today. Lahav Green Energy Company, controlled by Lahav AL, has completed the purchase of 50% of a ground photovoltaic facility in Portugal. The facility is connected to the electricity grid, active and productive, with a total capacity of about 19 megawatts. The total investment is estimated at about 13 million euros. The average annual ION amounts to about 3.6 million euros, which represents an annual return of about 13.8%.
The facility is connected to the national electricity grid in Portugal as of July 2021, when all production is sold on the open market. The land is leased for 30 years, with the company’s option to renew the lease for another 30 years. As a reminder, at the beginning of September 2022, the company updated on a conditional agreement to purchase 100% of a portfolio of terrestrial photovoltaic installations in Hungary, with a capacity of approximately 15.8 megawatts, for a consideration of approximately 17.3 million euros.
Ado Birnberg, deputy to the company’s CEO and responsible for overseas development: “After thorough checks by the management team, we located a local partner with quite a number of projects in the field, with this project being the first project.”
At the beginning of the month, Lahav El was updated. AR for receiving an A3 rating with a positive outlook for the bonds, new series C, in the amount of up to NIS 180 million in nominal guarantees issued by the company. The proceeds of the raising are intended for the company’s current activities. The rating corresponds to the company’s rating and the series B bonds, which are traded on the stock exchange.
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