Globes - Israel 's Business Arena

March 5, 2006

Profimax, Taurus buys 3 US properties for $41.5m;

The properties are an office building in a Chicago suburb, a lot in Massachusetts, and a lot zoned for dormitories at Eastern Illinois University.

By: Guy Yamin

Profimex (Israel) and Taurus Investment Group Inc. have bought three properties in the US for $41.5 million. Taurus Investment Holdings LLC has been active in the US , Canadian, and European real estate markets for over 30 years. Profimex and Taurus have made $342 million in joint investments to date.

Profimex ( Israel ) general manager Elchanan Rosenheim said the three properties were an office building in a Chicago suburb, which could be converted into condominiums, bought for $4 million, and which is expected to generate a return on investment of 14.5% a year. The second property is a Massachusetts lot, bought for $21 million, which the company planned to acquire building permits and sell to developers within two years, and is expected to generate a return on investment of 25% a year. The third property is a 36.5-acre lot in the university town of Charleston, Illinois, zoned for 124 dormitories for the Eastern Illinois University, bought for $15.4 million (including $5.4 million from equity), and is expected to generate a return on investment of 17.3% a year.

Rosenheim said Profimex and Taurus would be compensated for these projects only after investors make back their money plus an annual return of 9%.

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