Engel Resources bought a lot for 190 apartments.
Shaya Boymelgreen has bought a lot for a NIS 240 million residential project in Netanya. The 55-dunam (13.75-acre) lot was acquired by Lagna Holdings Ltd. (TASE;LGNA) subsidiary Engel Resources and Development Ltd. (TASE:ENRS) for NIS 34.5 million, 15% of which was paid when the contract was signed. The balance will be paid when the city building plan is approved.
Engel plans to build 190 apartments on the site at a cost of NIS 200 million, including the land.
Boymelgreen controls Boymelgreen Capital Ltd. (TASE:BMGN), which controls Azorim Investment, Development and Construction Ltd. (TASE: AZRM), the controlling shareholder in Lagna.
Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2008
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