Electra will join by investing in a Cyprus-based subsidiary of Pangaea.
Pangaea Real Estate Ltd. (TASE:PNGD) said today that its wholly owned Russian subsidiary has signed a memorandum of understanding to acquire land in St. Petersburg for $100 million. The company has already conducted due diligence and it will make a $5 million down-payment to the vendor within 10 business days.
Pangaea also said that it signed an agreement with a foreign subsidiary of Electra Ltd. (TASE: ELTR), through which Electra will participate in the venture by investing in Pangaea's Cyprus-based subsidiary.
Published by Globes [online], Israel business news - www.globes.co.il - on June 24, 2007
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