Electra Real Estate: will acquire land in southern Miami for $ 100 million

Electra Real Estate is updating on a deal to acquire a land division in an area designated for urban renewal in southern Miami, for about $ 100 million. The equity invested in the transaction is approximately $ 52.8 million. Of this, the company's share (75%) will total about $ 39.6 million.
The purchased land covers 325 dunams, which include 75,000 square meters of built-up commercial space, including a mall, commercial buildings and parking lots. In addition, the purchase includes rights to build thousands of housing units, including MULTI FAMILY projects - housing buildings for rent. The current NOI (net income less operating expenses) from commercial areas amounts to about $ 6 million a year, with the company intending to develop the land and build rental housing projects on it.
Amir Yaniv, CEO of Electra Real Estate: "As part of the development of our activities in the field of housing in the United States, we are updating today on a unique and significant deal for the purchase of a land division for urban renewal in South Miami with rights to build thousands of units. The land is located in a prime location. Miami, which is characterized by positive immigration and a high employment rate, is one of the fastest growing and most important cities in the United States. The transaction reflects significant profit potential ... We believe that the combination of the knowledge and experience of Electra Real Estate and its partner in the transaction will lead to the creation of significant value in the coming years ... for this project. "