Serbia / Belgrade
CEE to build Serbia's largest development for €350-400m
Central European Estates and a local partner will build a commercial and residential project in Belgrade.
Central European Estates BV controlled by Yuli Ofer, will build what it is billing as Serbia's largest commercial and residential project in the capital Belgrade at a cost of €350-400 million. The company has signed an memorandum of understanding (MOU) with a local company that owns a 40,000-sq.m. (ten-acre) lot in the city center. The two companies will set up a joint venture to build the 460,000-square meter project. CEE will own 68% of the venture.
The companies expect to begin work in second half of 2008. The companies will split the profit in proportion with their stakes in the joint venture up to €1 billion. Above this amount, they will share the profits 50:50.
Central European Estates raised NIS 100 million in bonds on the TASE in September.
Published by Globes [online], Israel business news -
www.globes.co.il - on November 4, 2007