Tagor CEO and Chairman Ofer Lieberson
Tagor Capital signs another real estate deal in Romania
Leading investment capital firms make another reality purchase for three residential-commercial projects in Romania for some $174 million
Another business deal closes between Tagor Capital Ltd. and Patron Capital Partners: The Israeli investment firm Tagor Capital reported Thursday that its Romanian granddaughter company, in which Tagor has 25.1% shares and the international reality investment firm Patron Capital controls the remaining shares, has signed a real estate agreement to purchase property in the northern part of Timisoara, a city in western Romania bordering Hungary.
The Romanian granddaughter company paid NIS 71 million (about $20.42 million) for the 61,825 square meters (about 15.27 acres) plot. The property will feature a residential-commercial project that will span 150,000 square meters (about 37 acres.) This deal joins in a series of business transactions Tagor Capital has been signing with Patron as part of their strategic partnership.
Tagor also reported having obtained bank permits to fund real estate purchases of up to NIS 87 million (about $25 million) for the Timisoara property as well as two other residential-commercial projects by the Romanian company – one in the city of Arad with up to 2,000 residential units and another 500 unit project in the city of Oradea.
Tagor Capital Chairman and CEO Ofer Lieberson said, “We see a significant achievement in Tagor Capital’s high accessibility to funding resources, expressed both in newly receiving funding for two of our Romanian projects as well as improving the terms under which our partnership with Patron Capital is executed.”
All in all, Tagor and Patron will raise $ 174 million in capital for residential projects in Romania, which represent an overall project investment of about $ 467 million. Since August 2006, Tagor has been controlled by a group of investors headed by Lieberson, who has been working as a real estate entrepreneur for over 20 years, focusing on the Romanian market in the past 3 years. Others investors include the Kotlitsky family and Gabby Rotter (controlling shareholder of Castro fashion chain.)
