The company will build a mall in the city of Guirgiu.
Israel Land Development Company (TASE: ILDC), controlled by chairman Ofer Nimrodi, has bought a ten-acre lot in the Romanian city of Guirgiu for €6.5 million. The company plans to build a 20,000-square meter mall on the site, located in a new residential neighborhood. The company financed the purchase from its own resources.
In a separate announcement, Israel Land said that it had closed leases for more than 5,000 square meters in its 35,000-square meter 7 Stars mall in Ploesti, Romania, which will open in early 2010. The company is planning to build three more malls, a second one in Ploesti, one in Kishinev, Moldova, and the third in North Africa.
Israel Land also controls Ma'ariv Holdings Ltd. (TASE: MARV), which is up for sale to Len Blavatnik.
Published by Globes [online], Israel business news - www.globes-online.com - on September 3, 2008
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