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January 17, 2008
A Bulgarian subsidiary and partners have signed a MOU to purchase land in central Sophia, Bulgaria covering a total area of 33 dunams ....
November 15, 2007
A Bulgarian subsidiary has signed a final agreement for purchase of four parcels of land in Bulgaria covering an area of 74 dunams. a 50,000-sqm of residential project. According to the approved City Building Plan, the envisioned project will contain 230,000 sqm of residential, office and commercial buildings ....
October 24, 2007
A Romanian subsidiary has signed a final agreement for purchase of another Romanian company which holds a land of an area of 30 dunams in order to construct a 50,000-sqm of residential project. ....
August 29, 2007
"Totleben Building ", the Business Center in Prague, has been sold to a third party for 5.6M (approximately NIS 31M) Expected company profits of approximately NIS 15.8 (Pre-Tax) ....
June 21, 2007
The BSR Center Project in Budapest Hungary, has been sold to A foreign fund for 6.8M (approximately NIS 38M) Expected company profits of approximately NIS 25NIS (Pre-Tax) ....
June 18, 2007
A residential project in Warsaw, Poland has been sold to AFI Europe. The company's share in the consideration is 26.34M (approximately NIS 146M), Expected company profits of approximately NIS 118.8 (Pre-Tax). ....
May 13, 2007
A residential project in Krakow, Poland has been sold to AFI Europe for
35.3M (approximately NIS 189M), the company's share in the consideration is 24.4M (approximately NIS 131M), Expected company profits of approximately NIS 106 (Pre-Tax). ....
April 19, 2007
Lagerfield, a residential project in Sophia, Bulgaria has been sold to AFI Europe for 8.3M (approximately NIS 46M), Expected company profits of approximately NIS 22 NIS (Pre-Tax). ....
March 30, 2007
Projects in Latvia and Romania have been sold for 39.5M (approximately NIS 220M), Expected company profits of approximately NIS 98 NIS (Pre-Tax). ....
November 16, 2006
A gross profit of 7.1 million in the sale of 70% of B.S.R's holding in a residential project in Warsaw. ....
December 7, 2005
"4D Center", the Business Center in Prague, has been sold to the International Investment Fund -Orco Property Group for 24.75M (approximately NIS 135M) Expected company profits of approximately NIS 18.5NIS (Pre-Tax)....
November 17, 2005
A Latvian subsidiary (50% ownership) has signed a final agreement for purchase of another Latvian company which holds a land of an area of 104 dunams in order to construct a 2000-unit residential project....
November 17, 2005
BSR Europe raised NIS 100 Million in bonds. ...
The Marker, Oct. 20, 2005
BSR Projects sells land in Florida with a capital gain of $6 million. ...
Globes, Aug. 29, 2005
BSR gambles in Las Vegas: initiates establishment of a hotel in the Project ONE area on the city's main boulevard Strip ?. ...
Globes, Aug. 15, 2005
Uri Dori will construct the Manhattan project for the BSR Group for approximately NIS 200 million. ...
Globes, June 26, 2005
BSR Towers: an additional 1,550 square meters have been sold for the price of $1,500-1,800 per square meter. ...
Yedioth Ahronoth, June 14, 2005
BSR Projects has recruited NIS 50 million in bonds. ...
Globes, May 22, 2005
BSR is in advanced negotiation stages for the purchase of an additional plot east of Project Yoo for $22 million. ...
Globes, May 17, 2005
The BSR method: a $1 million investment in a $215 million project and a $7-10 million profit. ...
Yedioth Ahronoth, Feb. 27, 2005
Former heads of Amdocs have purchased 18% of BSR Projects. ...
Globes, Mar. 24, 2004
The transaction has been finalized: the BSR purchasing group has acquired 1.3 acres adjacent to Yoo for $29 million. ...
Globes, Feb. 6, 2004
Azrieli is destined to lose its leading lessee "Bezeq" in negotiations with BSR Towers in Bnei-Brak. ...
Globes, Jan. 23, 2005
BSR Projects recruits approximately $13 million for an enterprise in Philadelphia. ...
Globes, Jan. 20, 2005
Competition for Project Yoo: 180 investors, headed by the BSR Group, have purchased 1.3 acres in Park Tzameret for $29 million. ...
Globes, Nov. 24, 2004
"BSR Towers" - A group of entrepreneurs headed by the BSR Company has signed its first 6 transactions for the leasing of 5,000 square meters in the two BSR Towers on the Ramat-Gan / Bnei-Brak border. ...
Yedioth Ahronoth, Nov. 14, 2004
The BSR Group has purchased 1 acre in the north Tel-Aviv neighborhood
of "Ezorei Hen" from the "Ezorim" company for a sales price of $12.5 million. ...
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| January 17, 2008 |
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A Bulgarian subsidiary and partners have signed a MOU to purchase land in central Sophia, Bulgaria covering a total area of 33 dunams.
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The Company is pleased to announce that on January 17, 2008, a company owned by the Company's Dutch subsidiary, a highly reputable European investment fund, and additional partners (the Company's share in the company being 42.5%) signed a MOU with a third party, unrelated to the Company (hereinafter, "the Buyer", "the MOU", "the Seller" and "the Parties" respectively), to purchase land in central Sophia, Bulgaria, covering a total area of 33 dunams (hereinafter, "the Land").
If the Buyer notifies the Seller of its desire to purchase the Land, the Parties will enter into an agreement pursuant to which the Buyer will purchase the Land from the Seller for a total of NIS 200 million. As of today, and on the basis of information obtained from the Seller on the Land's potential building rights, the Buyer intends to construct a 100,000 sqm project for sale and lease, including office, residential and commercial buildings (hereinafter, "the Project"). According to the Company's initial estimates, total project costs will be NIS 700 million (including the cost of the Land), and estimated earnings from the project will total NIS 1.05 billion.
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| November 15, 2007 |
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A Bulgarian subsidiary has signed a final agreement for purchase of four parcels of land in Bulgaria covering an area of 74 dunams. a 50,000-sqm of residential project. According to the approved City Building Plan, the envisioned project will contain 230,000 sqm of residential, office and commercial buildings.
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The Company hereby announced that in November 15, 2007, the Company's Dutch subsidiary (hereinafter, "the Subsidiary") and its Bulgarian subsidiary (hereinafter, "the Buyer") signed an agreement with landowners (hereinafter, "the Seller") to purchase four parcels of land in Bulgaria covering an area of 74 dunams in the city of Varna (hereinafter, "the Land"). The consideration for the Land is NIS 213 million and VAT. The Buyer is owned by the Subsidiary (42.5%), a highly reputable European investment fund (42.5%) and additional partners.
According to the approved City Building Plan, the envisioned project will contain 230,000 sqm of residential, office and commercial buildings. Based on an initial estimate, total projects costs will be NIS 1.15 million.
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| October 24, 2007 |
| | A Romanian subsidiary has signed a final agreement for purchase of another Romanian company which holds a land of an area of 30 dunams in order to construct a 50,000-sqm of residential project. |
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The Company hereby announces that in October 24, 2007, the Company's Dutch subsidiary (hereinafter, "the Subsidiary") and its romanian subsidiary (hereinafter, "the Buyer") signed an agreement to purchase two parcels of land in Brasov, Romania (hereinafter, "the Land") covering an area of 30 dunams. The Buyer will pay the landowners (hereinafter, "the Sellers") a consideration in the amount of 5.1 million.
Based on preliminary information which the Subsidiary obtained from the Sellers, a 50,000-sqm residential project may be constructed on the Land. According to initial estimates, total project costs will be 40 million.
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| August 29, 2007 |
| | "Totleben Building ", the Business Center in Prague, has been sold to a third party for 5.6M (approximately NIS 31M) Expected company profits of approximately NIS 15.8 (Pre-Tax) |
| The Company hereby announces that in August 29, 2007, an agreement was signed between the Company's wholly owned Dutch subsidiary (hereinafter, "the Dutch Subsidiary") and a third party for the sale of the Dutch Subsidiary's entire holdings (100%) in a Bulgarian company that owns the Totleben Building, an income-producing property in Sophia, Bulgaria. The property is valued at 7.25 million. After the deduction of loans from financial institutions, the Company's proceeds of this sale will be 5.6 million (approximately NIS 31 million), including discharge of owners' loans. Following the completion of this transaction, the Company expects to record earnings, before tax and transaction costs, estimated at 2.8 million (approximately NIS 15.8 million) which will be charged to the Company's financial statements as of December 31, 2007, the cash flows generated by the transaction are estimated at 5.6 million (app. NIS 31 million).
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| June 21, 2007 |
| | The BSR Center Project in Budapest Hungary, has been sold to A foreign fund for 6.8M (approximately NIS 38M) Expected company profits of approximately NIS 25NIS (Pre-Tax) |
| On June 20, 2007, an agreement ("Agreement") was signed between a wholly owned subsidiary of the Company ("Subsisdiary") and a foreign fund ("the Fund") which is the Subsidiary's partner in the BSR Center project ("the Project") in Budapest, Hungary (the Subsidiary holds 30% of the local company that owns the Project ["the Project Company"] and the Fund holds 70% of the Project Company). According to the Agreement, the Subsidiary sold its entire holding in the Project Company (30%) to the Fund, for a total consideration of 6.8 million.
The parties provided that in the framework of the Agreement, the said payment and corresponding transfer of shares in the Project Company made against said payment, will take place on June 29, 2007, subject to approval of the bank that will finance the project (the Fund undertook to obtain the approval of the said bank).
According to the agreements with the Fund, a local subsidiary of the Subsidiary will continue to manage the construction and marketing of the project for a consideration of management fees of an insignificant amount.
According to an initial estimate, the Company will record, as a result of the above transactions, and subject to the receipt of the consideration from the Fund, 4.5 million (NIS 25 million) before tax and after transaction costs, and a cash flow, before tax of 6.8 million (NIS 38 million).
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| June 18, 2007 |
| | A residential project in Warsaw, Poland has been sold to AFI Europe. The company's share in the consideration is 26.34M (approximately NIS 146M), Expected company profits of approximately NIS 118.8 (Pre-Tax). |
| On June 18, 2007, a subsidiary of the Company ("Subsidiary") and third parties ("the Sellers") signed an agreement with a member of the Africa Israel Properties Ltd Group ("AFI Europe") to sell the Sellers' economic rights in the Wilanow project in Warsaw, Poland, to AFI Europe. The Subsidiary's share in the consideration is 26.34 million (NIS 146 million). A total of up to 6.5 millions (NIS 36 million) of the above consideration ("the Deferred Amount") including interest at an annual rate of EURIBOR+1.5% will be transferred to the Subsidiary within 12 months, subject to the completion of a modification to the zoning plan relating to the project.
According to an initial estimate, the Company will record, as a result of the above transactions, and subject to the receipt of the balance of the Consideration (the Deferred Amount), 21.4 million (NIS 118.8 million) before tax and transaction costs, and a cash flow, before tax of 26 million (NIS 144 million).
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| May 13, 2007 |
| | A residential project in Krakow, Poland has been sold to AFI Europe
for 35.3M (approximately NIS 189M), the company's share in the consideration is 24.4M (approximately NIS 131M), Expected company profits of approximately NIS 106 (Pre-Tax). |
| On Thursday, May 10, 2007, second-tier subsidiaries of the Company ("the Sellers") and a company member of the Africa Israel Properties Ltd Group ("AFI Europe"), signed an agreement for the sale of the Sellers' economic rights in companies that own a project in Krakow, Poland - the Osiedle Europesjkie project ("the Project"), for a total consideration of 35.3 million (NIS 189 million) ("the Consideration"). The Company's share in the Project is 69% through final concatenation; consequently the Company's share in the Consideration is 24.4 million (NIS 131 million). This consideration, excluding 6.1 million (NIS 33 million) ("the Deferred Amount") was transferred to the Sellers. The parties agreed that the Deferred Amount would be transferred to the Subsidiary within 12 months, including annual interest at the rate of EURIBOR+1.5%.
According to an initial estimate, the Company will record, as a result of the above transactions, and subject to the receipt of the balance of the Consideration (the Deferred Amount), 19.8 million (NIS 106 million) before tax, and a cash flow, before tax of 23 million (NIS 123 million).
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| April 19, 2007 |
| | Lagerfield, a residential project in Sophia, Bulgaria has been sold to AFI Europe for 8.3M (approximately NIS 46M), Expected company profits of approximately NIS 22 NIS (Pre-Tax). |
| On April 18, 2007, a wholly owned and controlled subsidiary of the Company ("Subsidiary") and a company member of the Africa Israel Properties Ltd. Group ("AFI Europe") signed an agreement for the sale of its economic rights in a company that owns a project in Sophia, Bulgaria - the Lagerfield Project - for 8.3 million (NIS 46 million) ("the Consideration"). This consideration, excluding 2.1 million (NIS 11.5 million) ("the Deferred Amount) was received by the Subsidiary on April 18, 2007. The parties agreed that the Deferred Amount would be transferred to the Subsidiary within 12 months, including annual interest at the rate of EURIBOR +1.5% ("Deferred Amount Payment Date").
An amount of 1 million of the Deferred Amount ("the Conditional Amount") is conditional upon the approval of a city building plan that will allow building permits for a project of the scope set forth in detail in the agreement, and said amount will be paid pursuant to the city building plan approval date.
According to an initial estimate, the Company will record, as a result of the above transactions, and subject to the receipt of the balance of the Consideration (the Deferred Amount), 4 million (NIS 22 million) before tax, and a cash flow, before tax and, of 8.3 million (NIS 46 million).
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| March 30, 2007 |
| | Projects in Latvia and Romania have been sold for 39.5M (approximately NIS 220M), Expected company profits of approximately NIS 98 NIS (Pre-Tax). |
| On March 29, 2007, a wholly owned subsidiary of the Company ("Subsidiary") and a company member of the Africa Israel Properties Ltd. Group ("AFI Europe") and a partner of the Subsidiary ("Partner") signed a series of agreements as follows:
1. The Subsidiary sold to AFI Europe its economic rights in companies that own two Projects in Riga, Latvia - the Metropolia project and the Soleville project, for a total amount of 18.5 million (NIS 103 million). The above consideration, with the exception of 4.6 million (NIS 25 million) ("the Deferred Amount") was received by the Subsidiary on March 29, 2007. The parties agreed that the Deferred Amount would be transferred to the Subsidiary, including annual interest at a rate of EURIBOR +1.5%, within 12 months.
2. The Subsidiary sold its economic rights in four projects in Romania to the Partner (West Park, Pantalimon, Ploiest and Botanic Gardens) for a total consideration of 21 million (NIS 117 million).
According to an initial estimate, the Company will record, as a result of the above transactions, NIS 98 million before tax and transaction costs, and a cash flow, before tax and transaction costs, of NIS 219 million.
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| November 16, 2006 |
| | A gross profit of 7.1 million in the sale of 70% of B.S.R's holding in a residential project in Warsaw. |
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B.S.R. Europe has signed a final agreement for the sale of 70% of its holdings in a Polish company, which owns land of an approximate area of 194 dunams in Warsaw.
The buyer is an Australian investment fund of the MacQuarie Global Property Advisors.
Estimated value of sale is 13 million. B.S.R has reported that the gross profit of the deal in the financial reports will reach up to 7.1 million.
A mechanism was determined for increasing the company's consideration for the sale of their shares in the polish company, based on building rights to be obtained in the project, such that if the building rights are modified to residential building rights and the total scope of building rights increases, B.S.R Europe will be entitled for an additional fee at the amount of 9.7 million. The company estimates that building rights will be increased, as noted above.
At the signing of the agreement, a management and development agreement was signed between B.S.R and the Polish company. It was agreed that B.S.R will be entitled for management fees from the Polish Company in an amount equal to 4% of project costs less the cost of land and financing costs.
According to an initial estimate, the total scope of costs for the project (including cost of land ) will not exceed 290 million
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| December 7, 2005 |
| | "4D Center", the Business Center in Prague, has been sold to the International Investment Fund -Orco Property Group for 24.75M (approximately NIS 135M) Expected company profits of approximately NIS 18.5NIS (Pre-Tax) |
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On Wednesday, 7 December 2005, B.S.R. Europe Group signed a final agreement with a corporation of the Orco Property Group, a leading international investment fund that handles investments, development and management of real estate in Central and Eastern Europe, toward the sale of the "4D Center" business complex located in Prague, in the Czech Republic.
The office building complex, purchased in February 2002 for an estimated 12M, was renovated for 4M and designed by the Israeli artist, Yacov Agam, whose unique style granted the buildings an artistic facade painted in 300 different hues.
The office building complex is comprised of approximately 30,000mē of offices in various sizes which, immediately after renovation, were almost all rented (approximately 90% of the office space is rented).
The project's selling price was set at 24.75M (approximately NIS135M) and the pre-tax profit for B.S.R. Europe is about NIS18.5M.
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| November 17, 2005 |
| | A Latvian subsidiary (50% ownership) has signed a final agreement for purchase of another Latvian company which holds a land of an area of 104 dunams in order to construct a 2000-unit residential project. |
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On November 17, a Latvian Company (hereinafter, "the Buyer Company"), whose share capital is held in equal shares (50%) by a Dutch Company (wholly controlled and owned by the Company), and by a third party (who is also the Group's partner in other projects in Riga and Bucharest), signed a final agreement for the purchase 100% of the issued and paid-in share capital of a second Latvian company (the Latvian Company").
The Latvian Company is the owner of land of an area of approximately 104 dunams, in respect of which it holds building rights to construct residential apartments of an area of 130,000-170,000 sqm, not including balconies and parking spaces. The Latvian Company plans to construct a 2000-unit residential project on the land. The number of apartments is subject to the final determination of building rights.
The consideration for the shares of the Latvian Company, to be paid on the closing date, shall be determined on the basis of a property value of approximately 15.8 million, after deducting adjustments to the Latvian Company's balance sheet on the closing date.
To the best of the Company's knowledge, the project is planned to be constructed in six stages, and the total scope of costs, including cost of land, will not exceed 160 million, according to an initial estimate.
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| November 17, 2005 |
| | BSR Europe raised NIS 100 Million in bonds. |
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On November 10, 2005, the Company published a prospectus offering 100,000,000 bonds (Series H) of NIS 1 par value each to the public, at a price equal to 100% of their par value.
Midrug classified the bonds (Series H) as A3.
The interest rate determined in the tender which took place on November 17, 2005, is 5.5%.
NIS 100,000,000 par value in bonds will be redeemed in 5 equal annual installments (on November 30 of each calendar year), commencing on November 30, 2008 and ending on November 30, 2012, linked to the CPI (in respect of October 2005).
The net proceeds from the offering, after deduction of underwriting fees of NIS 4.1 million, are approximately NIS 95.9 million.
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| The Marker, Oct. 20, 2005 |
| | BSR Projects sells land in Florida with a capital gain of $6 million. |
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BSR Projects and a group of investors signed an agreement a few days ago for the sale of land in the city of Fort Myers, Florida. On this land, the construction of a prestigious residential project is planned, including three 30-story towers, housing 420 exclusive apartments.
The buyer is a local construction company, Throgmartin West Inc., which is building other projects in the area. The sales price of the land was set at $75 million. The transaction is conditional on a due diligence process, which should be concluded within 30 days.
BSR is a partner in the project at 3.75% and has invested approximately $500 thousand until now. Since BSR is due to receive management fees and initiation fees in addition to its investment, the company anticipates a total before tax profit of approximately $6 million.
BSR and its partners purchased the land with an area of 222 dunams in January 2004, and paid the seller $15 million. Fort Myers is considered a quickly developing city. The residential project called One West is considered to be the city's most prestigious and is one of the last land reserves on the city's waterfront. In addition to the apartments, the project will include commercial areas and services. At present, the project is in an advanced stage of planning and the beginning of sales.
Kalman Sufrin and Nachson Kivity, shareholders of the BSR Company, say that the sale of the project to one of the large real estate companies in the United States was carried out in the presence of many requests received from various entrepreneurs to buy the land even during the planning stage.
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| Globes, Aug. 29, 2005 |
| | BSR gambles in Las Vegas: initiates establishment of a hotel in the Project ONE area on the city's main boulevard Strip ?. |
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Construction will begin a year and a half from now and will be concluded in the summer of 2008; involvement in residential projects in the United States to the amount of $1 billion.
At the present time, BSR Projects is initiating the construction of a 250 room hotel, adjacent to the main boulevard of Las Vegas, the Strip. Construction of the hotel in the residential ONE area will begin a year and a half from now with Stage III of the project, and will be concluded in the summer of 2008.
The company has reported that the scope of Stage III construction, including the hotel's construction costs estimated at approximately $180 million. At the present time, advanced negotiations are being carried out with leading international chains for the sale of the concession to operate and manage the hotel.
According to Nachson Kivity, one of the company's shareholders, the decision to designate part of the ONE area for the construction of a hotel was reached after it became possible for it to be built in a central location on the Boulevard, the main strip of Las Vegas, and due to expectations that the hotel and its adjacent central areas, will raise their commercial value.
The BSR Group started operating in the American market in 2002, and is today involved in the management and construction of residential projects with an investment scope of over $1 billion.
In the ONE area of Las Vegas, the group, together with a group of local investors, is constructing 1,000 housing units for an investment of $500 million. The project sales are estimated at $700 million.
According to the company, until now, Stage I of the project, including 360 housing units, has been a success. The company sold 170 apartments in a short time at an average price of $4,000 per square meter.
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| Globes, Aug. 15, 2005 |
| | Uri Dori will construct the Manhattan project for the BSR Group for approximately NIS 200 million. |
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The construction company "U. Dori" has been chosen as the contractor for the prestigious Manhattan Tower project, adjacent to the Habas' Group's Project Yoo, in the Park Tzameret neighborhood of Tel-Aviv.
The project includes 177 apartments, 70 thousand square meters of built up space, above 3 underground parking lots, in a 43 story building. U. Dori will carry out all of the construction work with a Turn Key contract. According to the company, the duration of construction is estimated at approximately 3 years.
According to Nachson Kivity, one of BSR's shareholders, "the U. Dori company was chosen due to the company's professional specialization in the construction of high-rise high quality buildings of exceptionally high international standards, which corresponds with the spirit of the project". Kivity also added that in light of the success and trust of the buyers, BSR Projects is considering construction of an additional tower in the same area and by the same method.
The project receives financial backing from the Bank Mercantile Discount Mortgage Division.
The Park Tzameret plan was authorized for construction in September 2002 and applies to one of the country's most expensive land reserves, east of Derech Haifa (Namir) and south of Pinkas Street in Tel-Aviv.
The plan, which applies to 33.75 acres, grants building rights for the construction of a prestigious neighborhood having 1,747 apartments, 6,000 square meters commercial space, leisure space and public institutions.
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| Globes, June 26, 2005 |
| | BSR Towers: an additional 1,550 square meters have been sold for the price of $1,500-1,800 per square meter. |
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Rent in the two towers on the Bnei-Brak / Ramat-Gan border has been estimated recently at $9 per square meter.
At the present time, the construction process is being concluded on the BSR Towers project, at the intersection of the Ben-Gurion and Aba-Hillel Streets, on the border between Ramat-Gan and Bnei-Brak, and a number of companies have relocated to their new offices. The population process, along with development work in the area, which is supposed to be concluded in preparation for the opening of the Maccabiya in mid-July, are stimulating the signing of transactions.
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| Yedioth Ahronoth, June 14, 2005 |
| | BSR Projects has recruited NIS 50 million in bonds. |
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BSR Projects, of the BSR Group, concluded recruitment of convertible bonds and stock options for a total amount of approximately NIS 50 million on the eve of the holiday. The recruitment was successful as could be seen from the overplacing of 43%. The interest was closed by tender at the rate of 4.5% less than the maximum interest rate.
According to the company's management, in light of previous successful investments in the United States, a decision was reached at the beginning of 2004 to expand activities and to locate and map out areas characterized by a large demand for entrepreneurship and for the development of new projects.
The BSR Group commenced operations in the American market in 2002, and is today involved in the management and construction of residential and commercial projects with an investment scope of over $1 billion.
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| Globes, May 22, 2005 |
| | BSR is in advanced negotiation stages for the purchase of an additional plot east of Project Yoo for $22 million. |
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The plot, with an area of 1.5 acres, is designated for the construction of 132 apartments on 30 floors. |
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| Globes, May 17, 2005 |
| | The BSR method: a $1 million investment in a $215 million project and a $7-10 million profit. |
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According to this method, the company invests a small amount in the equity capital necessary for a project, but promotes and manages the project and enjoys the profits from success. BSR Projects and a local partner are planning a project involving 700 housing units in Florida.
BSR Projects, controlled by BSR Engineering (controlled by Kalman Sufrin, Nachson Kivity and Gibor Sport) has today reported that they are negotiating with an American partner regarding a joint investment in equal parts in a residential project in Florida. The total scope of the investment in the project, which will involve approximately 700 housing units, is $215 million. The project plans include three separate plots of land with a total area of 6.5 acres, the construction of which is to be carried out in three separate stages, according to the rate of sales and financing conditions to be received for the project's construction.
The entire project is expected to be completed four years after its initiation. According to the data made public by BSR, it appears that the anticipated before tax profit will be $68 million. The project will be constructed in three stages, the first of which including the construction of 250 units on one lot, 150 apartments will be constructed on a second lot and 300 apartments will be constructed on a third lot. Most of the housing units have an area of 125 square meters, half are 2 1/2 room apartments and the rest are 3 room apartments.
This is the third project in which BSR Projects is involved. Within the framework of these projects, the company locates potential projects in the United States and establishes limited partnerships, together with foreign and local investors, which invest directly or indirectly in a project. The first project includes 1,100 housing units in Las Vegas on a 19.5 acres area, and the second project, located in Fort Myers, Florida, includes a residential area of three towers that include 420 housing units. On the Las Vegas project, the land was purchased but work has not yet started, and on the second project, authorization has already been received from the city council for the building plans.
On these two projects, as on the current project, BSR Europe enjoys a small investment in its equity capital and a large part of the project's profits, if there are such profits, in addition to management fees received in any event. In fact, the investors joining in on BSR's investments in the United States pay BSR for locating the opportunity and for the management of the various projects.
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| Yedioth Ahronoth, Feb. 27, 2005 |
| | Former heads of Amdocs have purchased 18% of BSR Projects. |
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Mario Segal and Nehemia Lemelbaum, former heads of Amdocs, purchased 18% of the capital stock of BSR Projects, a company active in the United States, on the weekend for the price of $2 million.
According to Nachson Kivity, one of the company's controlling shareholders, in light of previous successful investments in the United States, a decision has been made to expand activities and carry out steps enabling the location, initiation and development of additional projects. As of the present, the company is involved in 3 large projects in the United States: approximately 500 residential units in Florida, approximately 900 residential units in Philadelphia and 1,200 residential units in Las Vegas.
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| Globes, Mar. 24, 2004 |
| | The transaction has been finalized: the BSR purchasing group has acquired 1.3 acres adjacent to Yoo for $29 million. |
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This morning a purchasing group has acquired the lot adjacent to Habas' Project Yoo in the Park Tzameret neighborhood of Tel-Aviv for the price of $29 million.
Each of the group's members, 177 investors managed by the BSR Company, will pay $160,000, the land cost per apartment in the project.
This is the largest residential real estate transaction finalized in recent years. 177 apartments will be constructed in a 40-story building on the 1.3 acres lot.
The Park Tzameret plan was authorized for construction in September 2002 and applies to one of the country's most expensive land reserves, south of Pinkas Street in Tel-Aviv, adjacent to Kikar Hamedina.
The plan, which applies to 33.75 acres, grants building rights for the construction of a prestigious neighborhood having 1,747 apartments, 6,000 square meters commercial space, leisure space and public institutions.
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| Globes, Feb. 6, 2004 |
| | Azrieli is destined to lose its leading lessee "Bezeq" in negotiations with BSR Towers in Bnei-Brak. |
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Bezeq is interested in leasing 38 thousand square meters in Bnei-Brak for 10-15 years, instead of 17 stories in the Azrieli building; anticipated payment of $50 million throughout the period.
The Bezeq company is in advanced negotiations for the leasing of the BSR building in Bnei-Brak. This has been made known to Globes. The scope of the transaction for the entire period is estimated at $50 million. At present, Bezeq is leasing 17 stories in the Azrieli Center's triangular building, and the lease agreement comes to a conclusion at the end of 2008.
The BSR building is situated at the corner of Ben-Gurion and Aba-Hillel Streets in Bnei-Brak, and Bezeq may rent the building, with a total area of 38 thousand square meters, at $11 per square meter per month, with a contract for the long period of 10-15 years. In a separate contract, Bezeq will hire a management company for the entire building. In addition, Bezeq will rent 700 parking spaces at $85 per space.
Upon conclusion of the contract with Azrieli, the management of Bezeq will relocate to the BSR building. It is also the company's intention to transfer the company's stations now dispersed throughout the Gush Dan area to the building. Bezeq will assemble all of the headquarter units in this building, which include the management, now situated in the triangular tower in a space of 22 thousand square meters; the computer unit, now housed in a 13 thousand square meter building at the Ramat-Gan Diamond Exchange site; and two headquarter units located in Jerusalem, in a total area of 5,000 square meters.
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| Globes, Jan. 23, 2005 |
| | BSR Projects recruits approximately $13 million for an enterprise in Philadelphia. |
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In the near future, BSR will issue private non-negotiable bonds, rated A2 by the Midrug Company, and backed up by the cash flow surplus from the Stage I sale of housing units in the Waterfront Square Project in Philadelphia.
The project, a complex having five 21- to 37-floor residential towers of a high standard, is being constructed on the bank of the Delaware River and is situated adjacent to the Philadelphia city center. The project is designed as a closed neighborhood and includes a sports center, parking and a park between the buildings.
Stage I, which includes the first two towers, 25- and 29-stories tall, has mostly been sold (until now, 302 of the 305 housing units have been sold), and is expected to be populated in May 2006. The project's promotion, establishment and management are being accomplished as a partnership between the BSR Group (50%) and the DAD Group (50%).
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| Globes, Jan. 20, 2005 |
| | Competition for Project Yoo: 180 investors, headed by the BSR Group, have purchased 1.3 acres in Park Tzameret for $29 million. |
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The Group will save on marketing costs and entrepreneurial profit - 30% of the building costs.
A group of 180 investors, mostly Israeli, will be purchasing the land area on the southwest border of the prestigious residential Project Yoo, in the Park Tzameret neighborhood of Tel-Aviv.
The group has been active in consolidating the investors for the past month and a half, and has already attained financing for 80% of the cost of the land. The group is in its final consolidation stages at present.
The group of investors will construct a 40-floor residential building on the lot, and has hired the architect Avraham Yaski, who worked together with the designer Philippe Starck on Project Yoo.
The construction costs are estimated at approximately $1,500 per square meter and the anticipated sales price is $3,500 per square meter. This price is considerably lower than the prices of Project Yoo and the Migdalei Tzameret project of Alfred Akirov, which are estimated at $5,000-6,000 per square meter. According to Yaski, "the project's technical specifications will be of the highest level, similar to the specifications offered by Migdalei Akirov and Project Yoo".
The purchasing group method is typical of the BSR Group, under the ownership of Kalman Sufrin and Nachson Kivity.
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| Globes, Nov. 24, 2004 |
| | "BSR Towers" - A group of entrepreneurs headed by the BSR Company has signed its first 6 transactions for the leasing of 5,000 square meters in the two BSR Towers on the Ramat-Gan / Bnei-Brak border. |
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The lessees will pay an average of $11 per square meter per month, linked to the Index, in two- to three-year contracts with an option to renew the lease. These transactions stand out in view of the deep recession prevailing during the past two years and more in the office space market. This is the first time following a long period that one entrepreneurial group has succeeded in leasing, in a short time, 5,000 square meters in one project.
The BSR Towers are 30 and 24 story buildings, with a total area of approximately 70,000 square meters. The buildings are owned by a large group of entrepreneurs, each of whom bought one to six floors in advance, at a price of $1,400 per square meter. |
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| Yedioth Ahronoth, Nov. 14, 2004 |
| | The BSR Group has purchased 1 acre in the north Tel-Aviv neighborhood of "Ezorei Hen" from the "Ezorim" company for a sales price of $12.5 million. |
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84 apartments are to be constructed by the Group for an investment of approximately $31 million. The contractor will be Tidhar, and a 4-room apartment will be priced at $270,000. |
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