Electra Ltd. and Pangaea Real Estate Ltd. bought the land for $100 million six months ago.
Electra Ltd. (TASE: ELTR) and Pangaea Real Estate Ltd. (TASE:PNGD) have obtained a valuation of $1 billion from Cushman & Wakefield for a 600-acre piece of land in Saint Petersburg, Russia. The two companies bought the land in November 2007 for $100 million through a Russian joint venture that they own in equal shares.
Cushman & Wakefield valued the land at between $977 million and $1.06 billion, depending on varying assumptions. The companies explicitly stated that the valuation is based on methods that are not submissible for accounting purposes, and will not be included in asset valuations in their financial reports. The purpose of the valuation is for marketing parts of the land to potential buyers.
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