Israeli investment fund Poalim Real Estate group has started construction work on the Constanta Mall commercial project, with the investment being estimated at over 40 million euros, according to the Israeli newspaper Globes. The construction will be completed in May 2007 and it will cover 55,000 square metres, 35,000 of which will be the surface, which is to be rented. The complex will also include 1,000 parking spaces. Poalim Real Estate has several projects on the Romanian market in its portfolio, such as the residential projects Filan, Saftica, Avicola and Socet, located in different parts of Bucharest. The Israeli fund, with assets worth some 300 million dollars (about 250 million euros) also operates in the Czech and Hungarian markets. The investment bank Poalim Capital Markets, a branch of the Hapoalim bank, the biggest Israeli financial group, manages the fund. ZF

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