Fishman Holdings has set up a new real estate development company that will operate in Ukraine, Moldova, and the Baltic states of Estonia, Latvia, and Lithuania. The new venture will be owned by Fishman’s real estate subsdiaries: Jerusalem Economic Corp. (TASE:ECJM) (JEC), which will own 32%, its subsidiary Industrial Buildings Corp. (TASE: IBLD) with will also own 32%, and JEC sister company Darban Investments Ltd. (TASE: DRBN), which will own 16%. Fishman Holdings, owned by chairman Eliezer Fishman, will own 20% directly
The new joint venture currently owns properties and land in Ukraine and Lithuania worth $15 million. The venture has also made a $6 million down payment on seven lots in Ukraine, which will cost $24.6 million altogether.
The new venture joins Fishman Holdings’ Russian real estate development company Mirland Development Corporation plc (AIM:MLD) and its Indian counterpart, Mondon Development Ltd.
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes.co.il - on October 28, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007