Vitania to build in Poland

Ariel Rosenberg 31 Dec 07 10:05

Delek Real Estate Ltd. (TASE: DLKR) subsidiary Vitania will build 3 projects in Poland in partnership with Afik Hayarden Holdings (2006) Ltd. (TASE:AFYR.B1), controlled by Shlomo and Yair Eini, at a total investment of $650 million.

The three projects are located in the port city of Gdansk, and the permits for building are expected to be issued in the first half of 2008. Vitania and Afik Hayarden said that on the basis of figures for sales of luxury apartment blocks and high rises in Gdansk and a report from an international real estate consulting firm, the projects would have an estimated $1 billion in sales.

The largest of the partners' three projects will see the building of four 51 storey luxury high rises with 1,250 apartments totaling 135,000 square meters in space on a 6.875 acre (27 dumam) lot, which the companies acquired for $125.6 million.

Source: By Ariel Rosenberg,globes.co.il