Rosebud Medical Buys NIS 500m Worth of Assets in France

Rental income, from top-tier French companies, amounts to ?7.7 million a year

Rosebud Medical yesterday wrapped up a giant deal, buying half a billion shekels' worth of properties in France.

The deal, amounting to ?89 million, is for 100,000 square meters worth of property, all fully occupied.

France Telecom leases three of the properties and the French electricity utility rents two more. A multinational business concern leases two more of the properties Rosebud has bought.

The rental income amounts to ?7.7 million a year.

The Israeli company borrowed 85% of the financing from Merrill Lynch.

Rosebud chairman Boaz Biran commented that together with the office complex the company bought in France last year, its assets will generate NIS 50 million lease income a year, and profit of NIS 10 million a year.

The company specializes in real estate investments outside Israel, mainly in western Europe.