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Israel property group Azrieli's Q2 FFO up 20.7% YOY

Israeli real estate company Azrieli Group said its attributable funds from operations for the second quarter rose 20.7% to 327.0 million shekels from 271.0 million shekels in the year-earlier period.

Net profit for the three months ended June 30 increased 40.7% year over year to 332.0 million shekels from 236.0 million shekels.

Attributable FFO for the first half totaled 666.0 million shekels, up from 537.0 million shekels in the year-earlier period. First-half net profit climbed 41.6% to 701.0 million shekels from 495.0 million shekels in the prior-year period.

Azrieli said it closed the acquisition of a roughly 20% stake in U.S.-based data centers company Compass Holdco LLC for approximately $135 million, subsequent to the second quarter.

Additionally, Azrieli said it has received approval from the competition commissioner for the sale of its oil products distributor unit and Supergas owner Granite Hacarmel Investments Ltd. to Elco Ltd. The transaction is expected to close Oct. 31.

The company also secured a lease from a technology company for approximately 9,000 square meters of office at its Azrieli Town project in Tel Aviv. Partial completion of the offices at the mixed-use project is scheduled for 2020. Azrieli Town will have a roughly 4,000-square-meter retail space, an approximately 50,000-square-meter office tower and a residential tower with roughly 210 apartments.

As of Aug. 14, US$1 was equivalent to 3.52 Israeli shekels.