Proceeds from the investment are estimated at NIS 1.37 billion.
Direct Capital Investments Ltd. (TASE:DCI) and Lehman Brothers Real Estate Partners will jointly invest with a Latvian partner NIS 1 billion in three real estate projects in the country. The joint deal is being carried out through Rebend Investments Lux Sarl, in which Lehman Brothers owns 73% and Direct Capital 27%, after Lehman Brothers invested in the company.
Rebend and its Latvian partner will invest NIS 1 billion (€183 million) three housing and commercial projects in Riga and the resort town of Jurmala. Rebend will own 83% of the projects, and its partner 17%. The projects will have 1,100 apartments and 7,000 sq.m. of commercial space altogether. Direct Capital estimates proceeds from the projects NIS 1.34 billion (€254 million).
Published by Globes [online], Israel business news - www.globes.co.il - on May 15, 2007
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