The company has acquired an 8.75 acre lot in the center of Kishinev on which it will build office and residential propertiess.
ILD Insurance Co. (TASE: ILDH) has acquired an 8.75 acre lot in Kishinev, the capital of Moldova, for €8.6 million. The lot is zoned for the building of office blocks, and commercial and residential properties on 100,000 sq.m. of space. The company financed the purchase from its own equity.
The deal is the latest in series of agreements that highlight the company's expansion into Eastern Europe. ILD Insurance currently has several projects under construction in Poland, as well as projects in Romania and Georgia, and it is also in preliminary talks on potential construction projects in the Ukrainian capital, Kiev, and in Moscow.
ILD Insurance chairman and CEO Ofer Nimrodi said, "ILD is seeking to consolidate its business in developing countries and invest in growing markets. We expect to see an increase in prices of land in Kishinev, as well as in values of income-producing assets and property prices."
Published by Globes [online], Israel business news - www.globes.co.il - on August 7, 2007
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