STR Construction Ltd., owned by Nazareth developer Subhi Tannous, is in negotiations to build a 600-unit residential project in the Ukrainian capital of Kiev together with a foreign investment fund. Market sources estimate the investment in the project at €60 million.
Tannous headed BST Development and Construction Company Ltd. for 30 years. Last month he and his brother, Badia Tannous, broke up the company, which according to Dun & Bradstreet Israel, was Israel's ninth largest contractor in terms of revenue. Subhi Tannous took over the company's activity in Poland, while Badia Tannous took over the company's activity in Israel, Germany, Romania, and Canada.
BST's core business was the construction of commercial properties for Israeli developers, including IDB Holding Corp. Ltd. (TASE:IDBH) units, Bayside Land Corp. Ltd.(Gav Yam) (TASE: BYSD1), Property and Building Ltd. (TASE: PTBL), and Ispro - The Israel Properties Rental Corp. Ltd. (TASE: IPRO), as well as for Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), Azorim Investment, Development and Construction Ltd. (TASE: AZRM), Azrieli Group, and Fishman Holdings subsidiary Industrial Buildings Corp. (TASE: IBLD).
Subhi Tannous decided to expand his activity in Eastern Europe through STR and rented offices in Yokne'am and in the Moshe Aviv Tower in Ramat Gan for this purpose. STR is already developing projects in Poland and Romania.
STR is partnered with Property and Building in the construction of 1,000 luxury apartments in Bucharest. STR is also building the Big Shopping Centers (2004) Ltd. (TASE:BIG) mall in Nazareth with Africa-Israel and Armon Hahagmon (Kasr el-Mutran) Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on October 2, 2008
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