Property & Building, the real estate arm of Israeli investment firm IDB, and Israeli property investor Electra Real Estate have jointly bought land in Ukraine for a mixed-use project expected to raise $ 4 bn (EUR 2.9 bn) upon completion. Property & Building will own two-thirds of the project, with Electra holding the remainder.
Property & Building, the real estate arm of Israeli investment firm IDB, and Israeli property investor Electra Real Estate have jointly bought land in Ukraine for a mixed-use project expected to raise $ 4 bn (EUR 2.9 bn) upon completion. Property & Building will own two-thirds of the project, with Electra holding the remainder.
The two companies paid $33 mln for 16.6% of the land rights on the 500-acre site, with the rest of the land acquired through a deal with landowners in exchange for 7.5% of future proceeds. The completed project will include more than 50,000 housing units and over 5 million m2 of office, commercial and entertainment space.
