Harel, Shlomo Insurance and CIM acquire an office campus in England

Harel, Shlomo Insurance and CIM acquire an office campus in England
Harel, Shlomo Insurance and CIM acquire an office campus in England

Harel Insurance and Shlomo Insurance together with the CIM Group are reporting this morning on the purchase of an office complex in Gilford, England, located south of London, with a total investment of approximately NIS 288 million.

The American CIM Group was established in the early 1990s and owns and manages approximately $ 29 billion of real estate and infrastructure assets. The group has made a strategic decision to expand its operations to major cities in Western Europe, mainly London and its surroundings. The real estate of the Harel Group.

The complex purchased includes three buildings and covers an area of ​​approximately 27 dunams. Two office buildings have been completely refurbished to the tune of millions of pounds, and are leased to a variety of tenants in the field of communications, technology and business services.

The consideration for the two ministries is approximately NIS 223 million and they generate an annual current income of approximately NIS 16 million. The consideration paid for the third property in the complex is approximately NIS 29 million, and it is intended for renovation and improvement in the amount of approximately NIS 36 million. The renovated building is expected to generate an annual income of approximately NIS 6.2 million.

“With this acquisition in the UK, CIM Group is realizing the group’s knowledge gained over the years in locating, managing and improving real estate assets and extending this significant experience to Western European cities as well. “We have identified the Greater London area as a target market for the expansion of the Group’s real estate investments after a comprehensive examination of the commercial real estate markets in major cities in Western Europe,” said Avi Shemesh, one of the three founders and owners of the CIM Group.

The property is located in Gilford, a leading city for gaming companies. The complex is a short walk from the University of Surrey – one of the leading universities in the field of research and development in various fields and has strong links to industry. The complex is about 20 miles from Heathrow Airport and about 30 miles from London, with a list of real estate companies, local and foreign, operating in the city and owning commercial properties there.

“The deal falls within the scope of our strategy in Europe, as a deal that combines ongoing cash flow with significant potential for improvement within a defined business plan,” noted Ron Kowalski. “The goal is to create a common aggregate value for the complex and the three buildings together by adapting an employee-focused work environment.”

The financing for the transaction was provided by Bank Hapoalim through the Business Division, a foreign financing unit managed by Bnei Haddad.

Toby Schmelzer, one of the owners of Shlomo Insurance, stated: “The real estate acquisition in London, together with the CIM Group and Harel Insurance, was made as part of the investment portfolio management at Shlomo Insurance, which includes significant real estate in Israel and Europe, investment in various types of capital funds, high-tech companies and more. . Such moves will allow the company to open the door to additional global goals. “

 
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