The company and its partner plan to convert the property into a luxury hotel-apartment complex at an investment of $12 million.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) has bought half of a historic 7,000-sq.m. building in the Buenos Aires business district for $4.75 million. The company and its partner plan to convert the property into a luxury hotel-apartment complex, which will include 54 apartments for sale, a pool, spa and restaurant.
Africa-Israel estimates that its share in the renovations will cost $5 million, and the total investment in the project at $12 million. The renovations will take 18 months.
Published by Globes [online], Israel business news - www.globes.co.il - on March 25, 2007
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