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. Last Updated: 07/27/2016

Africa Israel Plans IPO in London

JERUSALEM -- Israeli conglomerate Africa Israel Investments said Sunday that a subsidiary that handles its operations in Russia plans to float its shares on the London Stock Exchange.

The subsidiary, which is 88 percent owned by Africa Israel, has submitted a first draft of its prospectus for the IPO to the LSE, although it has yet to decide on the conditions and timing.

The company said its subsidiary's assets and planned acquisitions were being evaluated for the offering and that there was no certainty it would actually take place.

Last week, Africa Israel reported that its Russian unit would invest up to $300 million in construction projects around Moscow and St. Petersburg.

Of four projects in Moscow, the biggest is the acquisition of a 40-year lease for a 96,000-square-meter plot in southern Moscow including buildings that need to be renovated. Following renovation of the buildings by the seller, Africa Israel's subsidiary will pay $205 million for the land.

Another project, near Belorussky Station and Tverskaya Ulitsa, where Africa Israel is already involved in other projects, requires the demolition of existing buildings and the construction of 100,000 square meters of office space for $60 million.

Africa Israel and its subsidiary Danya Cebus said Tuesday that they would invest up to $200 million in real estate projects in Perm, near the Ural Mountains.