Fishman Holdings unit Svitland Ltd. will build two large-scale projects in Minsk, Belarus. In one project, the company and a partner have bought land on which they plan to build a high-tech park. The joint venture paid €2.4 million for the 87.5-acre site. They plan to build 540,000 square meters of office, high-tech, hotel, and residential space, as well as the related infrastructures at an estimated investment of €550 million.
In the second project, Svitland and a partner haves set up a joint venture, which has bought a 10-acre lot in Minsk on which they plan to build a 100,000-square meter office complex. The companies paid €2.2 million for the land, half of which will be paid when the contract is signed and the other half when the building permit for the project is obtained. Svitland will provide 55% of the development financing for the project. The company did not disclose how much was involved or the estimated proceeds and profit.
Svitland's partner in the first project is the project manager, and has undertaken to oversee planning and construction of the project in three stages over six and a half years. The company did not disclose the estimated proceeds and profit from the project.
Fishman controls Svitland through his real estate subsidiaries Jerusalem Economic Corp. (TASE:ECJM) (JEC), its subsidiary Industrial Buildings Corp. (TASE: IBLD), and sister company Darban Investments Ltd. (TASE: DRBN). Svitland is a sister company of Mirland Development Corporation plc (AIM:MLD; TASE: MRLD.B1), which operates in Russia.
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2008
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