Hefziba Building Development and Investment Ltd. subsidiary Heftziba Diur and Holdings Ltd. and Electra Ltd. (TASE: ELTR) have bought a Bucharest lot for €3.5 million on which they plan to build 466 apartments in six buildings. Marketing will begin in January 2007.
Hefziba co-CEO Boaz Yona predicted that proceeds from the project would total €53 million and that the pretax profit would reach €16 million.
Hefziba Diur controls YBSN Investments Ltd. (TASE:YBSN), which is building 1,000 apartments in Bucharest. The company is also negotiating to build 8,000 apartments outside of Moscow.
Platinum Romania planning NIS 830 million project
Platinum Romania, headed by Israeli businessman Shlomo Sharon, has bought land in Bucharest on which it plans to build 1,700 apartments. The company expects sales proceeds to total NIS 830 million. This is the company’s third deal in Romania.
Published by Globes [online], Israel business news - www.globes.co.il - on November 12, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006