Court blocks Hapoalim, Danya Cebus deal

The project, worth a reported NIS 137m., will include three 15-story apartment buildings containing a total of 393 residential units.

By MATTHEW KRIEGER
October 15, 2007 08:58
1 minute read.
bank hapoalim logo 88

bank hapoalim logo 88. (photo credit: Courtesy)

 
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The Tel Aviv District Court has blocked, temporarily, the August agreement reached between Bank Hapoalim and Africa-Israel's construction unit Danya Cebus under which the bank agreed to pay some NIS 10 million for the completion of 162 Heftsiba residential units that had been under construction when Heftsiba went bankrupt in July, the bank said on Sunday. As soon as the agreement is approved by the court, the residential units, which are located in Ma'aleh Adumim and Har Homa, will be completed and the tenants will be permitted to take possession, the bank said, stipulating that tenants must complete all necessary paper work and payments before being handed the keys to the apartments. The reason for the delay in the court's approval of the agreement was not clear. Bank Hapoalim did not return calls seeking clarification. Separately, Danya Cebus said on Sunday it has been awarded the contract to construct a residential building project in the city of Bucharest, Romania. The project, worth a reported NIS 137m., will include three 15-story apartment buildings containing a total of 393 residential units as well as an underground parking garage. The project will encompass a total of 50,000 square meters and construction was expected to take 24 months. "We are very excited to be strengthening our market share in Romania and our overall international activity," a Danya Cebus official said. "Romania has become one of the company's strategic destinations and we are confident that we will see a greater amount of development in that country over the next few years."

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