The investment arm of Israeli construction firm Ashtrom Group, Ashtrom Properties Ltd, said it had pulled out of a joint venture agreement with an unnamed Russian partner to buy a hotel and commercial property in a Russian city 200 km outside Moscow. Ashtrom said its local partner was in breach of its commitments. The company added that it was now looking to buy the US$ 49 mln (EUR 36.15 mln) property on its own or with a new partner.
The investment arm of Israeli construction firm Ashtrom Group, Ashtrom Properties Ltd, said it had pulled out of a joint venture agreement with an unnamed Russian partner to buy a hotel and commercial property in a Russian city 200 km outside Moscow. Ashtrom said its local partner was in breach of its commitments. The company added that it was now looking to buy the US$ 49 mln (EUR 36.15 mln) property on its own or with a new partner.
Ashtrom said the fully-let 33,000 m2 property generates annual net rental income of US$ 8.3 mln.
