Developer and oil baron Yitzhak Tshuva evidently likes company. Now he's teaming up with tycoon Nochi Dankner in developing Las Vegas, after just last week announcing an alliance with banker Shari Arison in Indian real estate.
Dankner's company IDB Development Corporation (TASE: IDBD) announced that its subsidiary IDB Group USA Investments, which is co-controlled with another IDB group Property & Building Corporation (TASE: PTBL), has signed a term sheet with Tshuva's privately held real estate development company Elad Group.
The two companies will be pursuing development projects in Las Vegas, a city in which Tshuva is already massively invested, via a joint venture held in equal parts.
Tshuva and Dankner mean to buy land on the Strip for a project to be called the Plaza.
The Plaza will include a 3,500-room hotel, a casino, a state-of-the-art shopping center and half a million square meters of residential space.
The cost of the land alone is expected to run at $1.2 billion, and building the project is expected to cost between $5 billion to $7 billion more, over four to five years. Most will be financed by loans.
While other tycoons, such as Tshuva himself, have been venturing abroad in droves, the IDB group has famously remained focused on Israel. No more: the alliance with Tshuva is one of its moves to diversify income sources.
With Arison, Tshuva's scope is more modest: each will be investing $50 million in a venture that seeks investment opportunities in India.
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