The real estate company Nitsba, controlled by Airport City of the Yoel Group, announced on Wednesday that it has raised NIS 307 million in a private stock offering, lifting the company's market value to NIS 2.1 billion. In September 2006, Airport City purchased 63.6 percent of Nitsba for an estimated NIS 1b. Nitsba develops real estate projects both in Israel and in countries around the world and recorded returns of NIS 300m. in 2006. Nitsba operated in Europe as the company Nitsba Europe and it is currently developing several large real estate projects in France.