Real estate developer Africa Israel, controlled by Lev Leviev, one of the richest businessmen in Europe, has bought the 50% stake owned by US investment fund New Century Holdings (NCH) in Cotroceni Park in Bucharest, sources from the real estate market told ZF.

The international press reported that AFI Europe (an Africa Israel subsidiary) had acquired the stake from its American partner for a real estate project that includes retail and office space, in Bucharest, for 78.8 million euros, but did not specify the project's name or the partner in the deal.

Africa Israel and NCH representatives could not be reached for comment by the time the story was ready for print, but the Israelis have scheduled a press conference for today.

NCH, run in Bucharest by Siminel Andrei, one of the most active buyers of assets in Romania ten years ago, started to sell its Romanian businesses this year, and has already sold the Tricodava plant (42 million euros), its Oltchim shares (7 million euros) and a 14.3% stake in Asirom (17.8 million euros).

NCH received a sum around 10 times higher than the level invested in Cotroceni Park business, according to unofficial estimates, given that the American fund's main contribution was the land on the UMEB industrial site, a factory it had bought for a winding-up price earlier this decade.

Cotroceni Park's shareholders are now Cotroceni Investments Limited, 97.9%, registered in Cyprus, and other legal entities, which own 2% according to the Trade Registry data.

Cotroceni Park will include a shopping complex, four office buildings and a hotel, while the entire project will cover 200,000 square metres. The general contractor of the project is Danya Cebus, another subsidiary of Africa Israel, with work set to take place over approximately two years. Reuven Havar, Africa Israel's country manager told ZF in an intervi