Gazit-Globe Ltd. (TASE: GLOB) will build a €120 million office and commercial project in the Macedonian capital of Skopje. This is the company's first project in the Balkan country. The company has already bought the 42,000-square meter for €22 million.
After meeting senior Macedonian government officials, Gazit-Globe chairman Chaim Katzman said, "Gazit-Globe's project in Macedonia is part of the positive business environment that Macedonia is creating for investors."
Gazit-Globe will begin construction of the project in three months.
Gazit-Globe has completed the construction of a number of malls in Bulgaria, and announced plans to build several more over the next five years. The company also announced that, at an extraordinary meeting last week, shareholders of Austria's Meinl European Land Ltd. (ATX: MEL) have agreed to the takeover of the company by CPI/Gazit Holdings Ltd., a joint venture of Gazit-Globe and Citibank International plc unit Citi Property Investors. The deal is due to be closed by the end of July.
Published by Globes [online], Israel business news - www.globes-online.com - on July 20, 2008
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