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Globes [online] – business and technology news from Israel
Mirland quits two Moscow developments

Mirland will use the $100 million intended for these project for other projects currently under development.

Globes' correspondent 27 Jul 08 10:17

Fishman Holdings' Russian development subsidiary Mirland Development Corporation plc (AIM:MLD; TASE: MRLD.B1) has abandoned two development projects in Moscow, Sokolniki and Nemchinovka, after terms in the agreement with the company's partner were not met.

Mirland's partner has repaid the company in full the $14 million loan, plus interest, that Mirland had extended to it. Mirland added that it will use the $100 million intended for these projects for other projects currently under development.

Mirland CEO Moshe Morag noted that the Sokolniki and Nemchinovka projects comprised less than 7% of the company's portfolio on an net asset value basis and their termination would not affect on the company's profitability in 2008. He further noted, "We continue to make good progress throughout the remainder of our portfolio, which comprises 13 significant ongoing projects which, on completion, will provide approximately 1.27 million square meters of office, retail and residential property."

Fishman Holdings controls Mirland through Jerusalem Economic Corp. (TASE:ECJM) (JEC), Industrial Buildings Corp. (TASE: IBLD), and Darban Investments Ltd. (TASE: DRBN).

Eliezer Fishman is the controlling shareholder in “Globes”.

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

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

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Globes [online] – business and technology news from Israel
Steinmetz, Dubai firm to invest in Montenegro site

"SEEbiz": Benny Steinmetz Group and Dubai World representatives presented plans to local officials.

Michal Margalit and Kim Lev 31 Jul 08 16:32

European business news portal "SEEbiz" reports that representatives of Benny Steinmetz Group Ltd. (BSG) and Dubai's government-controlled Dubai World plan to build luxury hotels and buy real estate in Montenegro. The companies are seeking to buy land for a hotel and other tourist facilities from private owners in the Adriatic coastal town of Buljarica for €500 million.

Benny Steinmetz and Dubai World chairman Ahmed bin Sulayem met Democratic Party of Socialists deputy leader Svetozar Marovic, Budva Mayor Rajko Kuljaca, and city manager Aleksandar Ticic to present the investment plans.

The meeting was held in the coastal town of Budva, a Montenegrin tourist center founded 2,500 years ago and with 15,000 residents. The town attracts 330,000 tourists a year. It offers beaches, ancient culture, unique architecture, and a thriving nightlife.

After a tour of the region, the representatives decided to focus on coastal areas of Buljarica, where they plan to build a 6-star hotel and bring world-known tourist brands

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on July 31, 2008

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Globes [online] – business and technology news from Israel
AFI Development gets Moscow project authorization

The project has been valued by Jones Lang LaSalle at $7.6 billion on completion.

Michal Margalit 21 Aug 08 11:37

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) subsidiary AFI Development plc (LSE:AFID) said yesterday it had received regulatory approval to develop its commercial center at Kuntsevo in Moscow. The project has been valued by Jones Lang LaSalle at $7.6 billion on completion. It currently accounts for 14% of the total value of AFI Development's property portfolio and on completion, it will account for 38%.

AFI Development said the project would entail the development and redevelopment of a traffic interchange in the area of the Kuntsevo metro station together with the construction of multi-purpose facilities including a mixed-use office complex, hotel premises, leisure and entertainment center, as well as various administrative and parking premises.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on August 21, 2008

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

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Globes [online] – business and technology news from Israel
Israel Land buys Romanian lot

The company will build a mall in the city of Guirgiu.

Yossi Nissan 3 Sep 08 14:36

Israel Land Development Company (TASE: ILDC), controlled by chairman Ofer Nimrodi, has bought a ten-acre lot in the Romanian city of Guirgiu for €6.5 million. The company plans to build a 20,000-square meter mall on the site, located in a new residential neighborhood. The company financed the purchase from its own resources.

In a separate announcement, Israel Land said that it had closed leases for more than 5,000 square meters in its 35,000-square meter 7 Stars mall in Ploesti, Romania, which will open in early 2010. The company is planning to build three more malls, a second one in Ploesti, one in Kishinev, Moldova, and the third in North Africa.

Israel Land also controls Ma'ariv Holdings Ltd. (TASE: MARV), which is up for sale to Len Blavatnik.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on September 3, 2008

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

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Globes [online] – business and technology news from Israel
AFI Europe to bid in Latvia airport deal

The Latvian capital of Riga looks to enlarge its airport terminal to accommodate 10 million travelers annually.

Yossi Nissan 10 Sep 08 13:54

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary AFI Europe NV is participating in a tender to build a new terminal at the Riga International Airport in Latvia.

AFI Europe's partners are a Canadian contractor, a Morgan Stanley infrastructure fund, and Italian airport operator SAVE. The project's cost is estimated at €250 million, and will include the building of infrastructure and operation of the terminal under a long-term lease, including duty free shops, parking lots, and commercial and service space. The project does cover the aviation side of the terminal or airport, such as the extension of runways, which is under the jurisdiction of the Latvia Civil Aviation Agency.

The new terminal is part of the Latvian government's plan to expand the Riga International Airport to handle ten million travelers a year. The project is a Private Public Partnership.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on September 10, 2008

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

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