Africa-Israel to build 256 luxury homes in Hod Hasharon

Lev Leviev's Africa-Israel Investments Ltd.'s (TASE:AFIL) building and construction arm Danya Cebus Ltd. (TASE: DNYA), announced today that it has signed a NIS 200 million contract with Gindi Chen & Itai Group Ltd. to build the Gindi Art residential project in Hod Hasharon.

The Gindi Art project will have 256 apartments in five high-rises of 14 to 18 floors each.

Chen Gindi said, "Our cooperation with Danya Cebus is part of the company's strategy of building residential neighborhoods in high demand areas in central Israel. The Gindi Art project joins the NIS 150 million Gindi Towers project in North Ganei Tikva, which Danya Cebus is building for our company."

Danya Cebus CEO Ronen Ginzburg said, "Our winning the Gindi Art tender is the next in a series of our luxury tower projects in high-demand areas throughout Israel, in which Danya Cebus is expanding its presence."

Published by Globes [online], Israel business news - www.globes-online.com - on January 4, 2012

? Copyright of Globes Publisher Itonut (1983) Ltd. 2012

Source: http://www.globes.co.il/serveen/globes/docview.asp?did=1000712577

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