TalB

IEC loses millions in overseas projects
IEC loses millions in overseas projects

The Israel Electric Corporation's breakthrough into international projects has not paid off.

Lior Baron27 Jan 09 18:29

Israel Electric Corporation (TASE: ELEC.B22) has greatly expanded its activities overseas by signing planning contracts with international companies. But according to documents received by "Globes," the breakthrough has not paid off. In some projects in which it has embarked together with the private sector, IEC has incurred losses of millions of shekels, while in other projects the profits have been lower than expected.

"Globes" has seen an internal IEC document, which shows that among other things, a project with Metka Metal Constructions of Greece SA (Athens: MTK) for the design and construction of a natural gas-fired 420-megawatt cogeneration plant in Volos, Greece has so far lost NIS 3 million. The losses from this project are expected to increase over the coming year.

IEC has also lost NIS 4.8 million so far in a project to convert an Israel Chemicals Ltd. (TASE: ICL) factory in southern Israel to natural gas, although IEC is attempting to renegotiate the contract.

A project in South Africa to plan six coal generated power units has produced profits of NIS 1.5 million, far lower than expected, while a solar energy project in Spain with Solel Solar Systems Ltd. has also produced much lower profits than forecast NIS 3.2 million.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on January 27, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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

TalB

Plaza Centers buys Bulgarian property
Plaza Centers buys Bulgarian property

The company bought 51% of a retail and office complex to be built in Sofia for €7.14 million.

Globes' correspondent3 Feb 09 11:42

Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) subsidiary Plaza Centers NV (LSELAZWSE:WLZ) today acquired the 51% controlling interest in a 75,000-square meter retail and office complex to be built in the Bulgarian capital of Sofia for €7.14 million.

Plaza Centers paid the local developer of the project €2.78 million in cash and assumed €4.36 million in debt, amounting to 51% of the project's debt liability. The company has an option to acquire a 24% stake in the project, valid for six months after the start of construction, due to begin in 2010. The project's gross development budget is €75 million.

This is Plaza Centers' second project in Bulgaria; in November 2007 it bought a 20,000-square meter shopping center project in the city of Shumen.

Plaza Centers president and CEO Ran Shtarkman said, "There is considerable demand in Bulgaria, and in particular in Sofia, for well located, high quality retail space." He added, "The transaction required limited immediate funding from both partners, due to the level of bank financing provided for the land acquisition, which was achievable due to the experience and reputation of Plaza."

Plaza Centers has been scaling back its activity elsewhere in Eastern Europe and Russia, including freezing projects in Romania.

Plaza Centers' share rose 1.5% in morning trading in London today to ₤0.65, giving a market cap of ₤180 million.

Published by Globes [online], Israel business news - Globes [online] – business and technology news from Israel - on February 3, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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

TalB

New AFI Europe mall in Romania 90% leased
New AFI Europe mall in Romania 90% leased

AFI Europe plans for the mall include Romania's only IMAX.

Yossi Nissan9 Jun 09 16:14

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) unit AFI-Europe reported significant progress today ahead of the September launch of its flagship project in Romania, the AFI Palace Cotroceni.

The mall includes 76,000 square meters of gross leasable area, and 2,500 parking spaces. AFI Europe plans for the mall include family recreation centers and Romania's only IMAX, complemented by a multi screen cinema complex.

Future stages of the project include 4 office buildings and a hotel, on additional gross leasable area of 60,000 square meters. The overall project is expected to cover over 100,000 square meters of gross leasable area.

The mall, which is expected to open later in 2009, is expected to yield additional income to the company of tens of millions of euros. The company has currently leased 90% of the commercial space, and expects to complete the leasing soon.

Published by Globes [online], Israel business news - Globes [online] - Israel business news - Home Page - on June 9, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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

TalB

Arison, Papouchado extend NIS 192m Romania loan
Arison, Papouchado extend NIS 192m Romania loan

The land in Bucharest is zoned for 3,000 apartments.

Avi Shauly4 Oct 09 18:13

A joint venture of Shari Arison-controlling Shikun u'Binui Holdings Ltd. (Housing and Construction) (TASE: HUCN) and Eliahu Papouchado's Almog Yam Suf Holdings Ltd. (TASE:ALMG.B1) have signed a deal with a Romanian bank to extend their NIS 192 million loan they used to buy land Bucharest. The two companies own the venture in equal shares.

The land is zoned for 3,000 apartments.

Almog Yam Suf manages more than 30 hotels in Europe, mainly in the UK, the Netherlands, Germany, and Croatia, as well as residential projects in Europe and the US. Last week, the company subsidiary Park Plaza Hotels & Resorts Ltd. (LSE: PPH) refinanced a NIS 427 million loan for five years for three hotels in the Netherlands.

Published by Globes [online], Israel business news - Globes [online] - Israel business news - Home Page - on October 4, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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