A foreign subsidiary of the income-producing real estate company
Summit
+2.8%
Base:7,490
opening:7,500
Tall:7,700
low:7,500
change:3,395,171
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Signed a purchase agreement for 400 housing units for rent in New York, for $ 65 million. In addition, the subsidiary has entered into agreements to acquire 6 shopping centers for $ 130 million, and is negotiating the sale of sub-plots in these assets in the amount of $ 60 million.
In the residential deals in New York, 10 buildings in a total area are purchased for rent of 407 thousand square feet, with the average purchase price per square foot being $ 160. Net income less operating and maintenance expenses is approximately $ 3.4 million, reflecting an average return of approximately 5.2%. Following the completion of the said acquisitions and all of the previously reported transactions, the Company will hold approximately 2,900 housing units in New York and is conducting negotiations for the purchase of additional residential buildings in the city.
The purchased commercial centers include an area for rent of 275 thousand square meters built on land with an area of about one million square meters. The average occupancy rate of the assets is 85% and the annual income from them, based on existing contracts, net of operating expenses, is $ 19.5 million.
The acquisition of 2 shopping centers has been completed and the completion of the acquisition of 4 shopping centers is expected next month. The subsidiary is conducting initial contacts for the sale of sub-plots in these assets in the amount of $ 60 million and with expected returns of 5-6%. The net purchase price, after the sale of the sub-plots, is expected to amount to approximately $ 70 million, while the annual income, net less operating expenses, is expected to amount to approximately $ 16 million.
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