Leader Real Estate International has bought the land and is seeking a partner for half of the project.
Leader Holdings and Investments Ltd. (TASE: LDER) subsidiary Leader Real Estate International Ltd. has bought a lot in the Moscow district, 70 kilometers from the city zoned for 7,000 apartments, 13,000 sq.m. of commercial space and 8,000 sq.m. of public buildings. Leader Holdings indirectly owns 64% of Leader Real Estate International. The company estimates the cost of the project, which will be built in stages, at $375 million.
The deal was made through the acquisition of a Cypriot company, which will receive all the shares of the Russian company that owns the land, for $3 million, plus 18% of the proceeds from the project. Leader intends to find a partner for 50% of the project.
Published by Globes [online], Israel business news - www.globes.co.il - on September 9, 2007
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