Polar International Real Estate (1997) Ltd. (TASE:PLIT), controlled by Ziel Friedman, is expanding its foothold in the US by increasing its stake in the joint venture it owns with Canadel City Center Ltd., and, in a separate deal, buying land in Myrtle Beach, South Carolina through a US subsidiary in which it owns 32.5%.
In the first transaction, Polar International has bought an additional 14.7% in the US corporation from Canadel for $1.1 million plus taking over a $1.2 million owner’s loan owed to Canadel. Polar International now owns 65.7% of the joint venture.
As a result of this transaction, Polar International’s share in the joint venture’s three properties has increased: its share in the rights of the Beach 60 project in Tribeca in Manhattan has risen to 24.6% from 19.1%, its rights in eight lots in the Hamptons on Long Island, and its rights in San Francisco’s Heritage Marina Hotel have risen to 32.8% from 25.5%.
Polar Investment bought its stake in two Myrtle Beach lots, which have an aggregate area of 53 acres, for $21 million. The company plans to build a residential, hotel, commercial, and recreation complex on the site. The land is adjacent to the Hard Rock Park amusement park, in which the company is a partner.
Published by Globes [online], Israel business news - www.globes.co.il - on July 31, 2007
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