The joint ventures own 2,680 apartments in Hanover and Dortmund.
Arazim Investment Ltd. (TASE: AZRM) announced that its wholly owned subsidiaries will buy the remaining 50% stake in German joint ventures at an aggregate value of €103 million (NIS 574.8 million). The ventures in question own 2,680 apartments in Hanover and Dortmund, as well as 44% of the partnerships from the general partner.
Arazim will finance the deal from its own resources. The company expects to close the deal within 15 days, subject to regulatory approval and the approval of the companies’ boards of directors.
Published by Globes [online], Israel business news - www.globes.co.il - on June 10, 2007
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