The company plans to build 700 apartments to be sold for NIS 450 million.
Mizrachi & Sons (ARA) Building Construction & Investment Ltd. is negotiations to buy a 2.6-acre lot in central Bucharest from private parties for NIS 75 million. The company plans to build 700 apartments in five 21-storey high-rises.
Sources inform ''Globes'' that the average asking price for the apartments will be NIS 650,000, giving total proceeds of NIS 450 million. Mizrachi & Sons will invest NIS 305 million in the project, leaving a profit of NIS 145 million.
This is Mizrachi & Sons’ first project overseas. The company is currently building 724 apartments in nine projects in Israel.
Published by Globes [online], Israel business news - www.globes.co.il - on April 19, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007