The Company is engaged in the initiation of residential real estate projects in Eastern and Central Europe by way of association in land purchase transactions, building of residential apartments and the sale thereof. The Company undertakes these projects through SPVs (Special Purpose Vehicles). Each SPV coordinates the various activities in a project, including dealing, to the extent necessary with re-designating the land, in the preparation of plans, issuing of construction permits, associations with external parties and contractors, obtaining independent finance for the project, bookkeeping, handling marketing and sales, handling of the purchasers of the apartments and managing any other issue of the project. The Company has partners in most of the SPVs.
During 2009 the Company increased its holdings to 30% in the Company through which it operates in Ukraine and continued to develop the following projects divided herein below by country.
Real estate Projects
The Company is engaged in the initiation of residential real estate projects in Eastern and Central Europe by way of association in land purchase transactions, building of residential apartments and the sale thereof. The Company undertakes these projects through SPVs (Special Purpose Vehicles). Each SPV coordinates the various activities in a project, including dealing, to the extent necessary with re-designating the land, in the preparation of plans, issuing of construction permits, associations with external parties and contractors, obtaining independent finance for the project, bookkeeping, handling marketing and sales, handling of the purchasers of the apartments and managing any other issue of the project. The Company has partners in most of the SPVs.
During 2009 the Company increased its holdings to 30% in the Company through which it operates in Ukraine and continued to develop the following projects divided herein below by country.