Israeli Aura in more Romanian deals

Deals

The company has bought land for a mall as well as stakes in three Plaza Centers’ projects.

Aura Investments Ltd. has signed a number of new development deals in Romania. A subsidiary of sub-subsidiary National Commercial Center BV (NCC) has bought 25,000 square meters of in the western Romanian city of Craiova slated for the construction of a mall. Aura’s part in the deal is 25%. The price of the land was €10.5 million ($15.1 million). NCC is already building seven malls in Romania under the Galleria label. In a separate deal, Aura subsidiary Aura Europe SA has signed an memorandum of understanding (MOU) with Plaza BAS BV, a subsidiary of Plaza Centers NV and the Baron-Adam group to buy Romanian subsidiaries, as follows:
* Aura will buy out Plaza BAS’s 25% stake in BAS Development SRL. Aura will become the sole of owner of the company, which is building a 385-unit residential project in Ploesti.
* Aura will buy half of Sunny Invest SRL, which plans to build a 250-unit residential project at an estimated cost of €17.5 million. Aura estimates the proceeds of this project at €22.5 million.
* Aura will also buy half of Colorado Invest SRL, which owns land in Brasov zoned for a 425-unit residential project. Aura estimates the cost of this project at €33.6 million and the proceeds at €42 million.

Aura and Plaza Centers, a subsidiary of Elbit Medical Imaging Ltd. already collaborate through the Primavera label, which in addition to the three projects above, is building 3,000 apartments in five projects and two office projects in Romania. (globes.co.il)

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