Polar Investments Ltd. (TASE: PLR) subsidiary Polar International Real Estate (1997) Ltd. (TASE:PLIT) made two more investments last week: one in Myrtle Beach, South Carolina and the other in Germany. Polar is controlled by US real estate tycoon Ziel Feldman through FD Holdings.
Polar and a US partner have closed the purchase of a lot in Paradise City, Myrtle Beach for $21.5 million. The partners paid $10 million in shareholders’ equity and the rest with a loan from a US bank. Polar is a one-third partner with a third party in this deal. Feldman will manage the project and guarantee the loan. The company plans to develop a $300 million residential, commercial, hotel, and recreation project on site, which is adjacent to the Hard Rock Park amusement park, scheduled to open by the summer of 2008.
In Stuttgart, Polar has bought an unoccupied 10,400-square meter office building for €6 million. The company plans to convert the property into a 200-room hotel at a cost of €7 million.
Last week, Polar Investments and Arbor Commercial Mortgage LLC are jointly buying a 22.5-acre lot in Jacksonville, Florida, for $25 million.
Published by Globes [online], Israel business news - www.globes.co.il - on October 21, 2007
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