Property in Romania

DCL signs NIS 35.2 million deal in Romania

Daughter company closes deals for land near Bucharest, to develop housing and commercial projects

DCL Technologies, controlled by the Drori-Liberson group reported that it signed its first deal in Romania since control of the company was transferred last August.

Ofer Hirchson (son of Finance Minister Abraham Hirchson) sold the majority share (60 percent) of the company to the investment group headed by real estate entrepreneur Ofer Drori-Liberson as a shell company for NIS 50,000,000 (USD 11,600,900).

The deal, negotiated by a daughter company of DCL, will give over two areas of land near Bucharest, where the company will develop housing and commercial projects, for the total sum of NIS 35,200,000 (USD 8,167,000).

The deals will be finalized after the propriety check of the company is complete. There are also discussions of possibly including foreign investors in the projects.

Ofer Drori-Liberson, CEO of DCL: “Today Romania is considered one of the mos alluring markets in east Europe. The company intends to continue locating and acquiring lands near Bucharest and similar areas where we recognize the potential for urban development.”

Date posted: May 6, 2007