Electra Real Estate
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Realizes a project in Georgia for $ 50.5 million. The company’s fund sold 49.5% of which it owned in a housing complex with 300 apartments in the city of Atlanta, at a profit of about $ 1 million to be recognized in the fourth quarter reports of 2020. Completion of the transaction is expected in the second quarter of the year.
The property was purchased in mid-2018 for $ 39.8 million, with equity invested by Electra Real Estate and Partners totaling approximately $ 15.5 million. The free cash flow resulting from the sale transaction amounts to approximately $ 22.3 million and reflects an internal rate of return (IRR) of approximately 20%. Of this, Electra Real Estate itself provided equity of approximately $ 0.5 million when purchasing the property and the free cash flow that will result from the sale amounts to approximately $ 0.7 million.
Electra Real Estate closed the third quarter of 2020 with revenues of NIS 47.3 million, a growth of 23.8% compared to NIS 38.2 million in the corresponding period last year. Net income was NIS 29.6 million, an increase of 27.3% compared to NIS 23.4 million a year earlier.
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