"Yediot Ahronot" reports that Benjamin Netanyahu and Arcadi Gaydamak are to get a new neighbor in Caesarea. A Russian oligarch purchased five villas and demolished them to make way for the largest private estate in Israel.
According to the report, the five properties, occupying a total of 11 dunams (2.2 acres) of land, were purchased by a woman of Russian origin reportedly on behalf of a Russian oligarch. Local realty brokers say this is the largest ever purchase of property in one transaction.
The estimated cost of the purchase of the villas totaled more than $11 million, with the cost of building the new estate estimated at $50 million. According to one of the contractors on the project, the estate will include a swimming pool, tennis court and gardens like those in the Versailles Palace.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
Thursday, February 21, 2008
Africa-Israel Properties target 80% above market
Analysts Shai Lipman and Yuval Zehira say conservative asset valuation policies explain the discount in the stock.
The negotiations on a takeover of investment house IBI by Africa-Israel Investments (TASE: AFIL) ended without result, and IBI has resumed coverage of the group. The first group company to come under scrutiny is Africa-Israel Properties Ltd., for which IBI has retained a "Buy" recommendation and substantially upgraded its target price. The current target, NIS 290, is 80% above the price of the share yesterday when the recommendation was released to investors. The current target is 30% than IBI's previous target price for the company of NIS 225. Africa-Israel Properties coordinates the Africa Israel Group’s income-producing real estate activities in Israel and abroad.
"We find the developments in Eastern Europe and the income-producing assets portfolio in Israel and in Eastern Europe to be a relatively safe activity with future growth potential," IBI analysts Shai Lipman and Yuval Zehira write.
The negotiations on a takeover of investment house IBI by Africa-Israel Investments (TASE: AFIL) ended without result, and IBI has resumed coverage of the group. The first group company to come under scrutiny is Africa-Israel Properties Ltd., for which IBI has retained a "Buy" recommendation and substantially upgraded its target price. The current target, NIS 290, is 80% above the price of the share yesterday when the recommendation was released to investors. The current target is 30% than IBI's previous target price for the company of NIS 225. Africa-Israel Properties coordinates the Africa Israel Group’s income-producing real estate activities in Israel and abroad.
"We find the developments in Eastern Europe and the income-producing assets portfolio in Israel and in Eastern Europe to be a relatively safe activity with future growth potential," IBI analysts Shai Lipman and Yuval Zehira write.
Alrov in talks to sell Tel Aviv property to Pangaea
Pangaea Israel is in also in talks to buy a second property in the city.
controlled by chairman Alfred Akirov, is in negotiations to sell a property on Ahad Ha'am St. in Tel Aviv to Pangaea Israel (TR) Ltd. (TASE:PNIS), controlled by Assaf Tuchmayer and Barak Rosen, and partners.
The 1,900-square meter lot is occupied by two buildings, one of which is slated for preservation and the other for redevelopment. The Urban Building Plan authorizes the lot for residential, commercial, and office use. Rent totals NIS 360,000 per year. Alrov bought the property in 1990 and said that it will report a pretax capital gain of NIS 150 million on the sale.
controlled by chairman Alfred Akirov, is in negotiations to sell a property on Ahad Ha'am St. in Tel Aviv to Pangaea Israel (TR) Ltd. (TASE:PNIS), controlled by Assaf Tuchmayer and Barak Rosen, and partners.
The 1,900-square meter lot is occupied by two buildings, one of which is slated for preservation and the other for redevelopment. The Urban Building Plan authorizes the lot for residential, commercial, and office use. Rent totals NIS 360,000 per year. Alrov bought the property in 1990 and said that it will report a pretax capital gain of NIS 150 million on the sale.
New York's Plaza Hotel units sold - but empty
Yitzhak Tshuva's private real estate development arm, Elad Properties, has sold 100 of the 181 apartments in the Plaza Hotel in Manhattan, the jewel in Tshuva's American crown. Renovation and conversion of the hotel was completed months ago, but most of the apartments stand empty.
"The New York Times" quotes Elad Properties spokesman Lloyd Kaplan as saying that only a half-dozen residents live there full time and another three dozen residents live there on weekends.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
"The New York Times" quotes Elad Properties spokesman Lloyd Kaplan as saying that only a half-dozen residents live there full time and another three dozen residents live there on weekends.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
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