Israel-Canada and Electra are selling land in a project in St. Petersburg for $40 million.
<p>The buyer is Russian real estate company Setl City, which previously agreed with Israel-Canada and Electra on prices for parcels of the land, and is now completing the second of the deals, under which it will construct 4,500 housing units, in addition to 4,500 units already under construction.
<p>If the selling prices of the units exceeds 95,000 rubles per meter (the current selling price), Israel-Canada and Electra will be paid additional consideration based on the actual selling price. The total price of the two parcels of land on which construction is taking place is $80 million, of which $14 million has been paid so far.
<p>Israel-Canada and Electra own 2,400 dunams (600 acres) of land in St. Petersburg which they bought in 2007. Since then they have acted to change the zoning of the land from agricultural to residential, and the building rights now permit the construction of a neighborhood with some 40,000 housing units.
<p><i>Published by Globes, Israel business news - <a href=http://en.globes.co.il>en.globes.co.il</a> - on February 23, 2020</i>
<p><i>© Copyright of Globes Publisher Itonut (1983) Ltd. 2020</i>