Eliezer Fishman's Fishman Holdings subsidiary Mirland Development Corporation plc (AIM:MLD) has signed a framework property development agreement with a local Russian open joint stock company - 494 Department of Work Chief - to establish a limited liability joint venture partnership to develop up to three real estate projects in Moscow. The developments will comprise over 200,000 sq.m. of mainly residential real estate when completed.
The first two projects are the Sokolniki Project close to the third ring road in Moscow; and the Nemchinvoka Project of residential and commercial space in a luxury area in western Moscow.
Mirland will own 51% of the joint venture, and will receive at least half the profits from the joint venture’s projects. The company will provide $116.5 million in debt funding for the first two projects, subject to due diligence and the meeting of certain milestones.
Mirland CEO Moshe Morag said, "The joint venture brings together the construction experience and track record of our new local Russian partner, which has obtained the rights to develop the projects, and the international development experience and financing of Mirland.
Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes.co.il - on May 27, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007