Africa-Israel and a subsidiary will jointly own half of the Perm residential project.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) and its subsidiary Danya Cebus Ltd. (TASE: DNYA) are 50% participants in a $400 million residential and commercial project in Perm, Russia. The local landowner will own the other half. Africa-Israel and Danya Cebus jointly invest $80 million in the project.
Africa-Israel holds 60% of the joint venture with Danya Cebus, which holds the other 40%.
1,000 apartments and 20,000 sq.m. of commercial and office space will be built in the first stage of the project. No chief contract has yet been chosen.
Published by Globes [online], Israel business news - www.globes.co.il - on February 20, 2007
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