TalB

Globes [online] – business and technology news from Israel
ILD soars on nod for NIS 1.4b Romanian project

Israel Land Development CEO Ofer Nimrodi: This is a great opportunity.

Sharon Baider 23 Jun 08 11:26

Israel Land Development Company (TASE: ILDC) has received a building permit for its OR residential project in the Pantelimon neighborhood of Bucharest. The company expects to record NIS 1.42 billion revenue and post a 31% gross profit margin on the project. The share rose 13% on the news.

Israel Land will build 1,488 apartments in 12 high-rises and 10,000 square meters of commercial space on a 13.5-acre site that it bought in May 2006. The project will be built in four stages, with the first stage comprising 615 apartments in five high-rises. The marketing of these units will begin in September.

Israel Land chairman and CEO Ofer Nimrodi said, "This is a great opportunity because there are few land reserves of 12.5 acres or larger with building permits in Bucharest. The adjacent Atlantis project was launched nine months ago, and most of its apartments have already been sold. I predict that our project will generate higher profits than similar projects in Warsaw, where we are now delivering the 270 apartments in the first stage with great success."

Nimrodi added, "Israel Land owns land for residential developments with 3,500 apartments in Eastern Europe, in Poland, Romania, and Moldova."

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

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Livni

wow thats a big project.

TalB

Globes [online] – business and technology news from Israel
Nanette partners with Rothschild in Hungary

Rothschild is Nanette's second partner in Taltoring.

Globes' correspondent 30 Jun 08 18:56

Nanette Real Estate Group NV (AIM:NAT; TASE:NANT.B1) has signed a preliminary agreement to sell 45% of its current 45% holding in Hungarian subsidiary Taltoring Ingatlanforgalmazo Kft to Rothschild Group unit EdR Real Estate (Eastern Europe) SCA, a company registered in Luxembourg for €337,000. The Rothschild Group will also provide Nanette with a €7.16 million loan.

In April 2008, Taltoring bought a 151,000-square meter lot in Budapest, which is being rezoned from military use to commercial, retail, and residential use. Taltoring plans to sell part of the land when the zoning change is approved.

Nanette will report a capital gain of €337,500 on the deal. It will also be entitled to 30% of the Rothschild Group's share in the profits once several conditions are fulfilled, including an internal rate of return of over 25%.

Earlier this month, Nanette sold 45% of Taltoring to Delaware-registered AI Property Holdings (Hungary) LP for €16.25 million. At the time of the deal, Nanette said that it was seeking another partner for the project.

Nanette is a joint venture 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 30, 2008

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

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TalB

Globes [online] – business and technology news from Israel
Nanette buys land for 10th Budapest project

The company expects predicts €23 million in sales.

Globes' correspondent 15 Jul 08 18:14

Nanette Real Estate Group NV (AIM:NAT; TASE:NANT.B1) has bought a 6,122 sq.m. residential lot in Budapest. This is the company's tenth project in the city.
Nanette plans to build 260 apartments on the site for €18 million and predicts €23 million in sales.

Nanette will finance the initial purchase from equity and is seeking bank finance for the rest. Lehman Brothers has an option to acquire half of the project. Lehman Brother Real Estate Partners II (LEBREP II) is a partner in several of Nanette's projects.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on July 15, 2008

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

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

TalB

Globes [online] – business and technology news from Israel
CEE, Big join in €1b Serbia mall deal

The companies' joint venture will build 15-20 shopping centers in Serbia.

Yossi Nissan 15 Jul 08 13:06

Central European Estates BV (CEE) (TASE:CNERO.B1), owned by Yuli Ofer and Nimrod Rinat, and Big Shopping Centers (2004) Ltd. (TASE:BIG) have set up a joint venture, CEE-Big BV, which will build 15-20 shopping centers in Serbia at an estimated cost of €20-50 million per mall. The companies will own the joint venture in equal shares.

CEE-Big has already bought a lot in Jagodina for €2.8 million, and has signed a preliminary agreement to buy a lot in Novi Sad for €16 million. The company plans to build the shopping centers, including open malls and lifestyle malls, over the next 3-5 years.

CEE-Big will receive a €10 million owners loan, amounting to 25% of its financing, and will obtain the rest of the financing from banks and other financial institutions.

CEE and Big will decide within 12 months whether to extend CEE-Big's operations to Croatia and Montenegro.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on July 15, 2008

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

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