The builders plan to sell the apartments for $26 million.
Profimex Israel, owned by Elchanan Rosenheim, has assembled a group of 15 Israeli and British investors, who have bought land in the Hornsey area of London for 67 apartments. Total investment will be ₤13 million ($21 million), including land and construction costs. The builders plan to sell the apartments for ₤16 million ($26 million). Profimex has already sold 45 apartments at an average price of ₤245,000 per apartment.
The investors paid ₤770,000 in equity, will obtain the rest from a 21-month loan from two British banks, and will repay the loan from the sales proceeds.
The project is part of a 550-apartment complex under construction by British construction firm Anglo St. James.
Published by Globes [online] - www.globes.co.il - on December 7, 2003