TEL AVIV Oct 10 Israel's Harel Insurance
Investments & Financial Services (HARL.TA) said on Sunday it
acquired together with Beacon Investment Properties two office
buildings in Houston, Texas, for $85.2 million.
Harel, which holds 49 percent of the rights to the
buildings, said its investment was largely financed by money
from its pension and providents funds and is expected to yield
9.13 percent for investors in its funds.
One building is located on West Loop South in Houston and
is 96 percent occupied by engineering group WorleyParsons
(WOR.AX), which has a rental contract until 2018. Rental income
from the building amounts to $4.9 million a year.
The second building, in the Greenway Plaza office complex,
has several tenants and provides rental income of $2.88 million
Harel, Israel's third largest insurer, has recently
expanded its real estate portfolio, buying buildings in New
York as well as New Jersey and Connecticut for $80 million. It
also owns buildings in England, Germany and Israel.
(Reporting by Tova Cohen; Editing by David Fox)
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