Livni

Romania / Brasov

Aura and Elbit Medical expand Romania project to €280m
The companies' joint Primavera Valley View residential project is located in Brasov.
Globes' correspondent 6 Apr 08 12:21

Adams Invest srl, a Romanian joint venture of Aura Investments Ltd. (TASE:AURA) and Elbit Medical Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) has bought more land in Brasov for €4.4 million. The 4.2-acre lot will be attached to the joint venture's Primavera Valley View project, and will increase investment in development to €180 million and the expected proceeds to €280 million.
Adams Invest plans to develop the 147,000-square meter Primavera Valley View residential project in five stages within five years from obtaining the building permit. Construction of the first stage is scheduled to begin in six months. The company financed the purchase of the project's 18.25-acre site with a loan from OTP Bank.

Livni

Kiev / Ukraine

Globes' correspondent 6 Apr 08

Engel East Europe NV has bought two buildings in downtown Kiev on which it plans to build mixed use projects. The company expects to invest NIS 391 million in development and receive NIS 817 million in proceeds.
The projects are located in the Ukrainian capital's prestigious Podol district. Engel East Europe plans to build one 28-storey and one 18-storey residential high-rise with a total area of 61,000 square meters. The lower floors of the buildings will be used for hotel and commercial space.

Livni

St. Petersburg / Russia

Menorah and GTC in Saint Petersburg land deal
The companies plan to build 110,000-sq.m. office project on the site
Globes' correspondent 29 Apr 08 12:02
Units of Menorah Mivtachim Holdings Ltd. (TASE: MORA) and Global Trade Centre Real Estate NV (TASE:GTC) have signed a preliminary agreement to buy in equal shares a 10.75-acre lot in Saint Petersburg, Russia for €48 million. The companies plan to build a 110,000-square meter office project on the site, located in the Vyborgsky district, about 1.5 kilometers from the city center.

TalB

Globes [online] – business and technology news from Israel
Elbit Medical unit gets Hungarian casino nod

Plaza Center's €1.5 billion Dream Island project will now go ahead.

Globes' correspondent 27 May 08 17:31

Elbit Medical Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) subsidiary Plaza Centers NV (LSELAZWSE:WLZ) has obtained Hungary's first ever major casino license for the company's €1.5 billion Dream Island project on Obuda Island in the Danube River in central Budapest.

Plaza Centers is part of the consortium for the entertainment and mixed use Dream Island project, with a 30% stake. Other members are CP Holdings Ltd. (a member of the group of companies controlled by Sir Bernard Schrier and the owner of the Danubius group of hotels, with a 30% direct interest), Hungary's MKB Bank (30% indirect stake), and a company controlled by the managing director of the Consortium (10%).

The Dream Island project will have over 350,000 square meters of gross built-up area, including 3,000 hotel rooms, 1,000 leisure apartments, a convention center, 300-anchorage marina, 1,500-seat opera house, Roman cultural museum, and shopping and entertainment center. The granting of the casino license will enable the consortium to begin construction.

Plaza Center says that the 40,000-square meter casino will have over 200 gaming tables and over 4,000 slot machines, and is expected to be the largest and most prestigious destination of its kind in Europe, where currently no other resort and leisure facility of this magnitude exists. The exclusive casino license is for 20 years from the date of opening of the casino, with a ten year extension option, during which time the Hungarian government will grant no further major casino licenses in the Budapest area.

Elbit Medical Systems chairman Mordechai Zisser said that the casino would rival leisure and entertainment centers in Europe, Las Vegas, Macau and Singapore. He predicted that the company would accomplish its development goals in both Europe and India.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on May 27, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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TalB

Globes [online] – business and technology news from Israel
Nanette brings US partner into Hungarian unit

AI Property Holdings has bought 45% of Taltoring, which is planning a large project in Budapest.

Globes' correspondent 23 Jun 08 13:11

Nanette Real Estate Group NV (AIM:NAT; TASE:NANT.B1) has sold half its stake in Taltoring Ingatlanforgalmazo Kft, amounting to 45% of the company, to Delaware-based AI Property Holdings LP (Hungary) for €16.25 million and will record a capital gain of €750,000 on the deal. The local municipality owns the remaining 10% of the company and must approve the sale. Taltoring owns a 151,000-square meter lot in Budapest, which it bought in April 2008.

Taltoring is in the process of rezoning the land from its current military designation to commercial, retail and residential use. The company plans to sell part of the land when the rezoning is approved. Nanette is seeking more partners for the project.

Nanette is a subsidiary of Olimpia Real Estate Holdings Ltd. (TASE: OLMP) and Meshulam Levinstein Contracting and Engineering Ltd. (TASE: LEVI).

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on June 23, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

__________________
I have respected your views, so I expect you to do the same for me.