The subsidiary of Aloni Hetz Brockton Everlast acquires another complex in the Science Park in Cambridge, England, for £ 97 million (about NIS 437 million), it is reported
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. According to the report, this is an area of 33 dunams, on which five buildings are built.
These are two areas, the first of which is an area of about 19 dunams on which three buildings are built and are currently fully leased for an average lease period of 6.6 years, to companies from the Life Science industry. The company expects the buildings to yield from July 2021 an annual NOI of £ 3.3 million (£ 15 million). The value attributed to this part in the amount of the purchase is estimated at around £ 62 million (NIS 279 million) and the company believes that it has future potential for doubling the building rights within a few years.
The second Hauser is in an area of about 14 dunams, on which two buildings are to be demolished during the coming year, and new buildings for the Life Science industry are planned to be built in their place (subject to master plan approval). The share in the purchase price is £ 35 million (158 The subsidiary estimates that the total expected construction cost (excluding the land component) will reach about £ 44 million (NIS 198 million) and the expected annual NOI that the project will yield at the end of construction during 2024 will reach about 4.5 million. £ 1 million (NIS 20 million).
The field of Life Science mainly includes companies engaged in research, scientific development and production of medicines, devices and medical equipment. The aggregate value of the 10 largest companies in the world in the field is over $ 2 trillion, with most (about 60%) being companies from the USA. Buildings intended to be used, among other things, by the Life Science industry include laboratories, research and development campuses, manufacturing sites and offices .
The acquisition will be financed by the subsidiary through equity injected into it from Aloni Arrow, as well as through a bank loan at a rate of 60% of the acquisition cost, which BE plans to take in the coming weeks.
Natan Hetz, CEO of Aloni Hetz“Cambridge and Oxford are among the most important global hotspots in the field of Life Science – the field has gained momentum in the corona crisis and the demand for space from the Life Science companies, especially around university cities, is growing. After completing the deal, Aloni Hetz’s profitable business “Life Science will account for about 30% of the company’s real estate investments in the UK and BE plans to continue to increase its hold in this field”
Last month we reported that the company had signed an agreement to purchase another complex in Cambridge, on an area of 17 dunams, on which two buildings with an area of about 70 square feet are built, for 45 million pounds (about 193 million shekels).
Decline in revenue and earnings in the third quarter
In its reports for the third quarter, it reported revenues of NIS 417 million in the third quarter, a decrease of 13.7% compared to the corresponding quarter. Net profit decreased by a similar rate and amounted to NIS 158 million. However, the FFO increased by 5% and amounted to NIS 126 million. The collection of rent in the group remains high and the companies continue to sign new contracts and renew existing contracts on similar terms before the crisis. The company will distribute a dividend of NIS 50 million.
Aloni Hetz’s revenues in the third quarter of 2020 amounted to NIS 416.9 million, a decrease of 13.7% compared to revenues of NIS 483 million in the corresponding quarter last year. In the bottom line, the company reported a net profit of NIS 157.8 million, a decrease of 13.7% compared to a profit of NIS 182.7 million in the corresponding quarter last year. The FFO in the third quarter amounted to NIS 126 million, an increase of 5% compared to NIS 120 million in the corresponding quarter last year (for the full article).
About a month ago, Aloni Hetz announced that it was realizing in Washington. Carr subsidiary sold half of the complex for $ 455 million, the company’s share in the property will now be 51%. The value of the entire property in the books: $ 965 million (for the full article).
Aloni Hetz is a holding company that focuses on the fields of income-producing real estate and renewable energy. The group operates in the field of income-producing real estate in Israel, Washington and Boston in the United States and the United Kingdom. The company operates in renewable energies in Israel, Poland and the USA.
The company holds 57.1% in Amot investments, 54.3% in Energix, 44.2% in CARR (control: 50%), and also has a partnership (50% in control) with Oxford Properties in 3 office buildings in Boston.
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16/02/2021 08:41
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