A Change of Guard

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Monday 25 February 2008

BGI buys Cambodian lot

BGI is a former textile company reconstituted to invest in real estate.
Michal Margalit and Globes' correspodent 24 Feb 08

BGI Investments (1961) Ltd. (TASE: BGI) has signed an memorandum of understanding (MOU) to buy a 4.1-acre lot in the Cambodian capital of Phnom Penh for $22.5 million. The lot is zoned for a mixed-use office, commercial, and residential project.
BGI will conduct due diligence over the next 60 days, after which it will sign a binding contract, assuming that it is satisfied. The company added that it would consider bringing in partners to the project.
BGI was once textile manufacturer Bagir, whose owners, Zvi Barinboim and First Israel Mezzanine Investors Fund (FIMI) restructured the company into two entities: Bagir was delisted from the TASE and renamed Bagir Switzerland, and BGI was created to invest in real estate.
BGI is not the first Israeli real estate company to look at Cambodia. Casino operator Queenco Leisure International Ltd. (QLI) (AIM:QLI) has bought land in the coastal resort of Sihanoukville for a tourist project. Alony Hetz Property and Investments Ltd. (TASE: ALHE) and Singapore-based Pacific Star Holding pte Ltd. are setting up a $200 million real estate fund to invest in Southeast Asia, to be called Pacific Arrow Star, which will invest in Vietnam and other countries. Alony Hetz believes that Cambodia is a country with real estate potential.

Published by Globes [online], Israel business news - www.globes-online.com - on February 24, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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