The company is a 35% partner in a 2.25 million square meter residential, office, hotel, and commercial project in Chennai.
Mivtach Shamir Holdings Ltd. (TASE:MISH) subsidiary Mivtach Shamir Real Estate Ltd. and partners have bought a 253-acre lot in Chennai (formerly Madras) India. Mivtach Shamir is a 35% partner in the project, and is paying $13 million of the $30 million cost of the land.
The companies plan to build a 2.25 million square meter residential, office, hotel, and commercial project on the site. Mivtach Shamir did not disclose how much the project would cost to build or what the expected sales proceeds are.
Chennai, the capital of Tamil Nadu State, is India’s fourth largest city with a population of over seven million.
Published by Globes [online], Israel business news - www.globes.co.il - on September 16, 2007
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