A joint venture of two Israeli companies Property and Building Ltd. and Electra Real Estate Ltd. is in advanced negotiations to buy a 35-acre lot in Hyderabad, India for $23 million. An MOU is expected in a few days.
Property and Building and Electra Real Estate each own 45% of the joint venture, with the remaining 10% is held by their Indian partner. The two Israeli companies will therefore invest $63 million each in the Hyderabad project.
The companies plan to build a 280,000-sq.m. residential and commercial complex on the site at an estimated investment of $140 million.Property and Building and Electra Real Estate each own 45% of the joint venture, with the remaining 10% is held by their Indian partner. The two Israeli companies will therefore invest $63 million each in the Hyderabad project.
Property and Building is a subsidiary of IDB Holding Corp. Ltd., controlled by chairman and CEO Nochi Dankner. Electra Real Estate is controlled by Gershon Salkind.
Yesterday, Fishman Holdings' Indian real estate subsidiary announced plans to build a $330 million project in Thane, north of Mumbai. Elbit Medical Imaging Ltd. and Ambuja Realty Group of India will jointly build a chain of specialized hospitals at an investment of $230 million.
globes.co.il
