Olimpia Real Estate Holdings subsidiary Nanette Real Estate Group has paid NIS67m (£8m) for a site in Budapest, Hungary, which it hopes to redevelop as 1,800 flats.
The European property developer is working in collaboration with Lehman Brothers Real Estate Partners, who have an option to purchase 50% of the existing proposed scheme.
This scheme is the fourth joint project under their strategic co-operation agreement.
Nanette CEO Oscar Katznelson said: “We’re pleased about the expanded collaboration with Lehman Brothers.
“Nanette is currently involved in the construction of 9,400 housing units in Eastern Europe, which gives it a relative advantage in deals and access to a high-quality deal flow.”
Olimpia owns 31% of Nanette, which was recently floated on London’s Alternative Investment Market (AIM).
References: EGi News 02/08/06
