Acro Group Ltd. has acquired the 17.5% stake of Polar Investments Ltd. (TASE: PLR) in CityPass, the Jerusalem light rail franchisee, for NIS 26 million.
The core businesses of Acro Group, a private company owned by Arbov Investments Ltd. and Virometal Investments Ltd., are real estate and infrastructure. The company's real estate portfolio in Israeli and Manhattan is worth NIS 3 billion. The company's main projects in Israel include a prestigious residential tower block at 17 Rothschild Boulevard, the New Tel Aviv Towers, and the Gymnasia Tower in Tel Aviv, and the Herzliya Business Center,. In Manhattan, the company owns the East 51 Street building a luxury hotel opposite Bryant Park between 5th and 6th Avenues.
The acquisition of Polar Investment's CityPass stake will boost Acro Group's infrastructure business. This activity is handled through Acro Group Environmental Infrastructures Ltd., which designs and builds municipal and industrial sewage treatment plants, incinerators, and alternative energy projects in Israel, and overseas.
Published by Globes [online], Israel business news - www.globes-online.com - on November 25, 2010
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