| |
Elran Real Estate branches into Asia
New CEO of Elran Far East named along with company's announcement of plans to develop $71 million real estate project in Thailand
Yaniv Yaacov
Tel Aviv-based Elran Real Estate is branching into Asia and the Far East, Yedioth Ahronot reported Monday.
Elran's subsidiary Elran Far East and Thai-based Ofek Co Ltd are to purchase a 3.6-acre stretch of beach in Thailand for $5.8 million.
Elran plans to use the land to develop and build a $71 million apartment complex.
Elran also announced it has recently appointed a new chief executive officer to Elran Far East – Dan Yaacobi. Former CEO of Matav Cable Company, Dor Energy and Tempo, Yaacobi will be in charge of Elran's holdings in Thailand and East Asia.
Elran, co-owned by Dori and Gadi Dankner, holds 24.5% of Ofek. The partnership was formed in order to bypass the Thai law prohibiting foreign companies, or those with foreign majority shareholders, from owning land in Thailand.
Elran plans to expand its investment in Thailand and East Asia to $21 million.
|
RSS
