The company expects to close the deal within two months.
Alony Hetz Property and Investments Ltd. (TASE: ALHE) and its partner Pacific Star Holding pte Ltd. have jointly signed a binding memorandum of understanding to buy a 2.75-acre lot in downtown Bangkok for $36 million, through their joint venture Pacific Star Arrow. The company expects to close the deal within two months.
The lot is zoned for a 100,000-square meter mixed use residential, commercial, hotel, and parking project, which Alony Hetz estimates will cost $160 million to build, which will bring the total investment, including land, to about $200 million. Pacific Star Arrow will own half of the project and Alony Hetz and Pacific Star Holding will each own 25%.
Published by Globes [online], Israel business news - www.globes-online.com - on March 6, 2008
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