The company will build a 45,000-sq.m. residential, office and commercial complex, and expects $35 million in proceeds.
Direct Capital Investments Ltd. (TASE:DCI) has bought a lot in the Kazakhstan capital of Astana for $26 million. Direct Capital will jointly own the lot with a local company. The company will build a 45,000-sq.m. residential, office and commercial complex, and expects $35 million in proceeds.
Astana has a population of 700,000. The Kazakh real estate market has been booming in recent years, along with growth in the mortgage market. Real estate prices in Kazakhstan have been steadily rising for years, and office rent in the past two years has reached $500 per sq.m.
In December 2005, Direct Capital bought an office building in Germany for €28.5 million through a Cypriot company. The property is leased to Deutsche Telekom (NYSE: DT; XETRA: DTEG) in a ten-year lease at €2 million a year.
Published by Globes [online], Israel business news - www.globes.co.il - on March 26, 2006
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