The companies will own the joint real estate venture in equal shares.
Sources inform ''Globes'' that Elran (DD) Real Estate Ltd. (TASE:ELRE) and Silverboim Holdings, controlled by Zvika Barinboim, will set up a joint company to invest in real estate in the Far East. Each party will invest $50 million in the venture.
Elran Real Estate is an arm of Elran Investments Ltd. (TASE: ELIN), controlled by chairman Gad Dankner and CEO Dor Dankner. Real estate is a fairly new activity for Barinboim, following his sale of World Group Holdings Ltd. (TASE: WRGR), World Group Shipping Ltd. (TASE:WRSH), and SPL Software Ltd.
Yesterday, Elran Real Estate announced that it was negotiating to buy land in two Thai resorts for over $20 million.
Published by Globes [online], Israel business news - www.globes.co.il - on April 16, 2007
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