AIM-listed RGI International announced on Tuesday that it has raised NIS 1,200 mln (about EUR 208 mln) in a private bond placement in Israel. Jacob Kriesler, RGI's chairman, said in a statement that 'the directors of RGI believe that RGI's balance sheet is currently cash rich but our longer term planning calls for the need to raise substantial debt financing'.

AIM-listed RGI International announced on Tuesday that it has raised NIS 1,200 mln (about EUR 208 mln) in a private bond placement in Israel. Jacob Kriesler, RGI's chairman, said in a statement that 'the directors of RGI believe that RGI's balance sheet is currently cash rich but our longer term planning calls for the need to raise substantial debt financing'.

'We are very pleased with this initial foray into the Israeli bond market and we may increase this bond issue from time to time according to the company's needs,' he said. 'We see this effort as another financing avenue for the company along with conventional bank financing and other institutional funding sources.'

RGI is a property developer and management company that focuses on the high-end office, retail and residential markets in Moscow and the surrounding areas. In its interim results for the six months to end-June 2007, RGI said its net asset value per share increased to $12.03 from $4.50 at end-December 2006. The development portfolio included 11 projects and one pipeline project with a total of 2.2 million m2 valued at $1.7 bn (EUR 1.2 bn).