The project's 175 apartments will be sold at an average price of $470,000, for total proceeds of $82 million.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) today announced the start of construction of a luxury high-rise in Ramat Gan. The project will have 175 apartments, which will be sold at an average price of $470,000, for total proceeds of $82 million.
Africa-Israel Housing owns two-thirds of the project and a group of Italian investors owns one third. Sources inform ''Globes'' that the project is a 38-40% combination deal, which means the payment will amount to $32 million.
Published by Globes [online], Israel business news - www.globes.co.il - on May 1, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007