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Elran Real Estate to invest $20m in Thailand
Israeli company in advanced negotiations to build two apartment buildings in resort town of Pattaya, prestigious neighborhood in island of Koh Samui
Naama Sikuler
Elran Real Estate is expected to invest $20 in real estate projects in Thailand. The company, owned by Gadi and Dori Dankner, is expanding its activity to Southeast Asia for the first time.
Company officials announced Sunday that they were in advanced negotiations to invest in two Thai companies which own two plots of land on an area of 9 dunam in the resort town of Pattaya.
Elran plans to build two apartment buildings on the land. The company is expected to invest 90 percent of the equity capital required for building the projects (14 million euro), and in exchange will be entitled for half of the profits and for a return of 17.5 percent.
The company is also negotiating an investment in a company which owns a land of 6 dunam on the beach in the island of Koh Samui, where plans are to build a prestigious neighborhood of villas.
Elran is expected to invest 75 percent of the equity capital required for the project ($6 million) and will be entitled for 50 percent of the project's profits and a guaranteed return of 16.5 percent.
Elran Real Estate is the daughter company of Elran Investments (85 percent). The rest of the company is controlled by Izzy sheratzky, who owns the Ituran company, which acquired 15 percent of the company's shares a year ago for 5.25 million euro.
Last October, Elran Investments announced that it was examining the possibility of issuing Elran Real Estate's stocks in the Tel Aviv Stock Exchange.
Elran Real Estate owns the Atlas Estates company, whose stocks are traded in the AIM in London and is active in central and eastern European countries. The company is also a partner in the King City in Eilat and in a residential project in Russia.
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