The company expects $45 million proceeds on its $30 million housing and shopping complex in the Kyrgyzstan capital.
Itzhak Stern & Co. Ltd. has bought a 2.5-acre lot in the Kyrgyzstan capital, Bishkek, on which it plans to build 400 apartments in 8-9 12-storey buildings and shopping center. The company expects $45 million proceeds on its $30 million investment in the project, which will include 40,400 sq.m. of housing and 3,500 sq.m. of commercial space.
Itzhak Stern CEO Amnon Stern said that the company was considering the purchase of more land in Kyrgyzstan, and that it wanted to be involved in commercial projects as well. He said that the Kyrgyz wanted foreign investment and were trying to help developers.
Itzhak Stern is currently building 150-unit housing and 6,000-sq.m. shopping and office complex in the Bulgarian capital of Sofia at an investment of €20.5 million.
Published by Globes [online], Israel business news - www.globes.co.il - on July 24, 2007
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