Friday, March 26, 2010

Hornbach Completes $47 Million Sale Leaseback of Retail Land in Switzerland

Globes - March 10, 2010

Aspen Group Ltd. (TASE:ASGR) has bought a commercial lot in Biel, Switzerland, through a partnership in which Aspen owns a 50% stake, for CHF 50 million (NIS 176 million). The transaction is a buy and lease-back deal with DIY chain Hornbach, which fully leases the 3.5-hectare (8.75-acre) lot, which has 500 shops with 18,600 square meters of space altogether. Hornbach Holding AG (XETRA:HGH) has a 15-year lease with three five-year options to extend.

Annual rent from the property amounts to CHF 3.12 million, giving a 6.25% gross yield on investment. Sphere: Related Content

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