Kardan takes stake in Ocif Ltd.

Under the terms of the deal, Kardan Israel is subscribing for new shares in Ocif, leaving it with a 29% stake in the company.

Kardan Israel Ltd, a subsidiary of international investment company Kardan NV, said Monday it invested $33 million in privately held real estate developer Ocif Ltd. as part of its planned expansion in Israeli real estate activity. Under the terms of the deal, Kardan Israel is subscribing for new shares in Ocif, leaving it with a 29% stake in the company. Ocif is controlled by Aviv Ltd, one of the main Israeli construction companies. Kardan NV owns 80.5% of Kardan Israel.