Elran Real Estate announced on Tuesday that it has purchased 40 percent of Basilica, a real estate company whose holdings include some of Russia's most expensive pieces of property, for $20 million.
Under the terms of the agreement Gadi Dankner of Elran will serve as chairman of Basilica. Basilica owns a 25,000 square foot residential unit in downtown Moscow as well as some 22,000 square meters of office and business space in the city's Central Business District. Elran has the option of purchasing additional percentages of Basilica.
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