AFI Europe will also pay the contractor building the project an additional €10 million.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) sub-subsidiary AFI Europe NV, has signed a binding MOU to buy office buildings in the Bulgarian port city of Varna for €52.5 million. AFI is held through Africa-Israel Properties Ltd. (TASE: AFPR).
The buildings have 40,000 sq.m. in space and building rights for an additional 160,000 sq.m. One building is finished and two more are still under construction. AFI will pay an additional €10 million to the contractor. Rent from two buildings totals €3 million a year, and rent from the third is expected to total €1.7 million a year.
Published by Globes [online], Israel business news - www.globes.co.il - on April 22, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007