The company has acquired a stake in Cyprus-registered Pettinger Holdings that owns properties in the city.
Elran Investments Ltd. (TASE: ELIN) subsidiary Elran (DD) Real Estate Ltd. (TASE:ELRE) has acquired 40% of Cyprus-registered Pettinger Holdings Ltd. and its management company, Marshal Holdings Ltd., registered in Nevis for $20 million, including an owners loan and an option to expand the holding after the initial investment.
Pettinger owns three properties in central Moscow in various stages of registration, and is negotiating to buy five residential properties in the city.
Published by Globes [online], Israel business news - www.globes.co.il - on April 22, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007