Bagir Ltd. (TASE: BGIR) controlling shareholder Zvi Barinboim is to join financier Benny Steinmetz in investing in real estate ventures in South East Asia. It was reported three months ago that Barinboim would make a joint investment totaling $100 million with Elran (DD) Real Estate Ltd. (TASE:ELRE) in real estate ventures in the Far East.
In its announcement to the Tel Aviv Stock Exchange (TASE) today, Bagir said that it and Scorpio Real Estate Ltd., a Benny Steinmetz Group company, would jointly form a company, with each side contributing $36 million in owners' loans. The new company will be looking to invest in real estate ventures in Thailand, Vietnam, and the Philippines, although no specific projects have as yet been disclosed.
The real estate markets in Asia, India in particular, have increasingly become the preferred choice for many Israeli real estate developers. In early May, it was reported that Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK), controlled by Lev Leviev, would acquire a 47-floor high rise in Bangkok for NIS 209 million.
Published by Globes [online], Israel business news - www.globes.co.il - on July 23, 2007
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