Tel Aviv-based Aura Investments Ltd. is expected to invest NIS 725 million (about $173 million) in the construction of 1,500 luxury apartments in Brasov, Romania.
The project, which will be built on a 51 dunham (about 13 acres) plot of land, will be financed mainly by Aura’s (75 percent), while the remaining investment is expected to come from its partner company, the Brown-Adam Group.
Aura, which expects sale proceeds from the joint venture to total $275 million, is currently involved in six development projects in Hungary and Romania and said it plans on expanding its operations to Kazakhstan as well.
In Israel the company is involved in development projects worth about $250 million.
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