The companies will build a 300,000-sq.m. residential, commercial and recreation project at Siutghiol Lake.
Sources inform ''Globes'' that Neocity Group Ltd. (TASE:NCT.B1) and a partner will build a €160 million (NIS 900 million) 300,000-sq.m. combined residential, commercial and recreation project in Romania. A wholly-owned subsidiary won a tender to buy an 80-acre site for the project on the shores of Siutghiol Lake in the coastal Dobruja region. The two partners will own the project in equal shares. Neocity estimates proceeds at €200 million (NIS 1.1 billion).
Neocity Group chairman Ehud Ben-Shach confirmed the report, saying, “Winning this tender strengthens our position in the Romanian market. We believe that the Constanta area has great growth potential because of its importance as the Romania’s chief port and the establishment of a NATO base in the area, as well as its attractiveness to tourists.”
Neocity has invested NIS 700 million to date in 19 projects in Romania, the Czech Republic, Hungary, Poland, and Israel.
Published by Globes [online], Israel business news - www.globes.co.il - on June 14, 2007
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