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Israeli Aura and partner in $262 mln Romanian project

The company is involved in residential projects in Eastern Europe and Kazakhstan with an estimated aggregate pretax profit of 380 million shekels ($90.67 million).

Aura Investments Ltd. and its partner Baron Group have bought land in Brasov, Romania, zoned for a 1,600-unit apartment project at an investment of 915 million shekels ($218 million). The companies own the project in equal shares through their joint venture Adams Invest srl. The company estimates the project’s total revenue at 1.1 billion shekels ($262 million).

With this latest project, Aura is developing projects in Eastern Europe and Kazakhstan, with an aggregate 4,200 apartments for a total investment of 2 billion shekels and an estimated aggregate pretax profit of 380 million shekels. Aura’s share in the projects is 50-75%. The company is also involved in the building of office and commercial projects in Romania through a joint venture with GTC Romania, a subsidiary of Global Trade Centre Real Estate NV, National Commercial Centers srl (NCC). GTC is a subsidiary of Kardan NV. (globes.co.il)