Africa-Israel arrives in Romania

Africa-Israel Investment has entered Romania by becoming the co-owner of a 121,000 sqm plot in downtown Bucharest. The 50% partnership was part of a 9 million euro deal. Africa-Israel’s VP of business development, Avi Noteh, said that Africa-Israel Properties (a subsidiary of Africa-Israel Investments) had an option to acquire a further ten acres (some 40,460 sqm) of the property, which extends to 161,460 sqm. “This is a huge lot in downtown Bucharest previously occupied by factories,” Noteh said. He added that the small number of structures on the land were slated for demolition. The land could be used for building offices, commercial centres or housing. “Almost all types of real estate can be found in the area, which is why the lot’s use is still open,” Noteh explained. ZF