Epsilon Investment House Ltd. can be added to the list of plaintiffs seeking a refund on their local property taxes (arnona) from the Tel Aviv municipality for their premises in the Ramat Aviv Mall. Epsilon filed suit with the Tel Aviv Magistrates Court for a NIS 200,000 refund on its 620-square meter office in the office tower above the mall.
Epsilon claims that the Tel Aviv municipality raised the local property taxes by more than the legal maximum by reclassifying the properties from zone 3, the cheapest, to zone 1, the most expensive. The investment house has joined other tenants in the Ramat Aviv Mall is suing the municipality. The mall's owner, Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), is demanding a NIS 4.3 million tax refund.
Friday, February 15, 2008
Elbit Medical Imaging in $100m Gujerat dairy deal
Elbit Medical Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) today signed an memorandum of understanding (MOU) with the Gujerat State government to set up, for $100 million, a modern dairy farm with 10,000 cows and an ultra-modern dairy plant that will produce basic and premium dairy products in the Indian state.
The project will be built on a 500-acre site allotted by the Gujerat State government. It will be built in stages and is due to become operational within two years after work begins. The dairy farm will utilize technology and expertise developed in Israel, and will also include massive modernized contract-farming activities for the production of the food materials required for the dairy farm.
The project will be built on a 500-acre site allotted by the Gujerat State government. It will be built in stages and is due to become operational within two years after work begins. The dairy farm will utilize technology and expertise developed in Israel, and will also include massive modernized contract-farming activities for the production of the food materials required for the dairy farm.
Housing prices drop
Housing prices fell nationwide in the fourth quarter of 2007, the Bank of Israel reports in the Survey of Economic Developments - July-December 2007. The Housing Prices Index fell by 2.3% in the fourth quarter after rising by 4.7% in the third quarter.
There is a wide variance in housing prices between high demand areas and prices in outlying areas. Prices rose sharply in the former, while falling in the latter. The Bank of Israel noted a number of factors boosting housing demand, including rising demand for apartments by foreign residents last year, but said that the industry did not respond to the increase.
There is a wide variance in housing prices between high demand areas and prices in outlying areas. Prices rose sharply in the former, while falling in the latter. The Bank of Israel noted a number of factors boosting housing demand, including rising demand for apartments by foreign residents last year, but said that the industry did not respond to the increase.
CEE in talks to buy third Budapest hotel
Central European Estates BV (CEE) (TASE:CNERO.B1), controlled by Yuli Ofer, is in negotiations to buy a third hotel in Budapest. The four-star Ramada Hotel, opened in 2005, has 182 rooms, including 15 suites.
Last month, CEE bought the Le Meridien hotel in Budapest from a company owned by Yuli Ofer and Nimrod Rinot.
Last month, CEE bought the Le Meridien hotel in Budapest from a company owned by Yuli Ofer and Nimrod Rinot.
Jaffa's American Colony to get makover
The American Colony in Jaffa, founded in the mid-1800s, and also known as the German Colony, will undergo a thorough renovation and preservation. The NIS 6 million project will be financed by the Tel Aviv municipality and the Hamashlima Leyafo municipal authority, through Ezra and Betzaron Neighborhood Co. Ltd. Work will begin next month.
The project includes Auerbach St., Bar Hoffman St., and Harebbi Hamevorach St. The area's infrastructures and street lighting will be replaced, power lines will be put underground, outside furniture will be installed, the streets will be closed to traffic, and gardens planted. Century-old buildings, such as the Jerusalem Hotel, the Emanuel Church, and Park Hotel (which hosted Kaiser Wilhelm II on his 1898 tour of the country), will be restored.
The project includes Auerbach St., Bar Hoffman St., and Harebbi Hamevorach St. The area's infrastructures and street lighting will be replaced, power lines will be put underground, outside furniture will be installed, the streets will be closed to traffic, and gardens planted. Century-old buildings, such as the Jerusalem Hotel, the Emanuel Church, and Park Hotel (which hosted Kaiser Wilhelm II on his 1898 tour of the country), will be restored.
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