Africa Israel (TASE: AFIL)  today revealed yet another major deal in the homeland of the company's leader, Lev Leviev. Together with Danya Cebus (TASE:  DNYA - 20%) and a local partner (50%), Africa Israel (30%) will be building a housing project in the city of Perm at an investment of $400 million.

Danya Cebus is investing $80 million and Africa Israel is investing $120 million.

This is Danya Cebus' first venture into Russian territory as a developer. As a contractor, it's already building projects worth hundreds of millions of shekels in Moscow. Specifically, it's erecting three high-rise projects with a combined 1,000 apartment units.

Danya Cebus chief executive Ofer Kotler commented that the city of Perm, south of the Ural mountains and on the banks of the mighty Kama river, has 3 million residents.

The first housing units the Israeli companies are building are scheduled to rise in may-June 2007. The apartments target the wealthy.

Kotler said that Danya Cebus was working on finding other development projects in Russia - in Moscow, St Petersburg, and in Romania too.

Shares in Danya Cebus have risen 15% from the year's start, lifting the company's market cap on the Tel Aviv Stock Exchange to NIS 1.13 billion.

Africa Israel stock in Tel Aviv: No slouch either