Elbit Medical Imaging is set to embark on a huge project in Romanian capital Bucharest.
The company, controlled by Mordechai Zisser, has purchased from a Turkish company 75 percent of the 360,000 sq. m. Casa Radio complex where it plans to build a commercial center which will include a five-star hotel, offices, and entertainment facilities.
The Casa Radio complex in Bucharest
The company will initially invest USD 40 million in the USD 500 million project of which the Romanian government has acquired 15 percent.
Sir Bernard Schreier of the UK has been given an option to purchase 25 percent of the project.
Should Shreier chose to exercise his option, Elbit Imaging's share will drop to 56.25 percent.
Shreier is a partner of Elbit Imaging in a tourism project on the Obuda Island in the Danube River near the Hungarian capital Budapest.
Elbit Imaging purchased the Island for 27 million euro with a handful of partners with whom it plans to build a major hotel and casinos. The project is estimated to cost a staggering one billion euro.
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