Elran buys 50% of Fairford

Elran, which owns 31.5% of Pettinger, is expected to close the acquisition by October 21.

By SHARON WROBEL
September 20, 2007 07:41

 
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Elran Real Estate has entered into an agreement through its subsidiary Pettinger Holdings Limited to buy a 50 percent stake in Russian realtor Fairford in a deal worth $23.4 million. Elran, which owns 31.5% of Pettinger, is expected to close the acquisition by October 21. Fairford registered on the Virgin Islands owns the rights to a 600 square meters ground located in the business center in Moscow with an office building of 8,500 square meters.

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