Africa Israel Housing announced Monday that it had closed a deal to acquire two thirds of a plot of land on Derech Hebron in Jerusalem for an estimated NIS 33.7 million.
Africa Israel plans to develop a 400-unit residential project, an estimated total investment of $60m., of which it will hold a 67 percent stake, or $40m., in partnership with Ramgor Investments, which will hold 33%. The development will be adjacent to the Arnona neighborhood, and will include four- and five-room apartments and luxury penthouses.
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