The fund will invest in residential and commercial properties in Eastern Europe.
Sources inform ''Globes'' that former Maccabi Tel Aviv Basketball star Mickey Berkowitz is organizing a group of investors for residential and commercial properties, as well as rezoned agricultural land, in Eastern Europe. He said, "I'm still at the stage of reviewing options. I went to see possibilities and I believe that we'll begin operating on the ground within two or three months."
Real estate experts believe that Berkowitz was referring to developments that need an investment of €3-10 million for the purchase of land, and an additional €12 million for construction. The experts added that in order to enter these countries, the investor group will need at least €10 million in shareholders' equity and a local partner.
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