Ziel Feldman, the real-estate developer who bought control of Israeli holding company Polar Investments Ltd. last week, said he plans to invest $1 billion over the next two years in properties around the world.
Feldman intends to turn Polar Investments into an international real-estate developer that will invest in Israel, Europe, India and North America.
"Markets in the US have gotten a bit overpriced," Feldman said at a press conference in Tel Aviv Wednesday. "I think that the real-estate opportunity that we are seeing here is mirroring the growth that we had in the early 1990s."
Most of the real-estate potential is in eastern Europe, where the cost of land and building is lower than in the US, Feldman said. In Israel, he said he sees opportunities in commercial real estate and less so in the hospitality business.
Polar has collaborated with Feldman in the past six years in real-estate projects including the Hard Rock Theme Park in South Carolina and residential towers in Manhattan.
Polar has worked to cut its NIS 1b. debt by selling some units to focus on real estate, said Itschak Shrem, chairman of Shrem Fudim and Kelner & Co. Ltd., an investment house that works with Polar.
source:: http://www.jpost.com/servlet/Satellite?cid=1164881890780&pagename=JPost%2FJPArticle%2FShowFull
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