The allocation gives Nanette a company value of $270 million after money.
Nanette Real Estate Group NV (AIM:NAT) has signed an MOU with an international investment fund, under which Nanette will allocate 10% of its shares to the fund for €20 million ($27.5 million). Nanette, controlled by Olimpia Real Estate Holdings Ltd. (TASE: OLMP) and Meshulam Levinstein Contracting and Engineering Ltd. (TASE:LEVI) specializes in real estate projects in Eastern Europe.
The allocation gives Nanette a company value of $270 million after money ($243 million before money), the same as its current market cap. The deal is subject to due diligence by the international investment fund. The value of Olimpia’s stake in Nanette is currently valued at over NIS 300 million, compared with Olimpia’s market cap of NIS 200 million.
Nanette is currently involved in 15 residential projects with a total of 10,000 housing units in Poland and Hungary.
Published by Globes [online], Israel business news - www.globes.co.il - on December 14, 2006
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