|
|
|
|
|
|
RAPAPORT... Israeli diamond merchant Lev Leviev has again extended his property portfolio, through Africa Israel Investments, this time buying into a Las Vegas development project.
Leviev’s holding company would hold 49 percent stake in the $625 million property, in partnership with Steve Witkoff and the Cipriani family (30.6 percent,) Credit Suisse (10.2 percent,) and a subsidiary of the seller would hold 10.2 percent. Together the investors will pay $196 million in shareholders' equity and the balance in loans.
The 60-acre property is located near the Hard Rock Hotel and Casino on the Las Vegas Strip, and reportedly will accommodate several hotels, a convention hall, a casino and commercial areas.
The deal marks new territory for Leviev who holds property deals in Manhattan. His company Africa Israel USA has spent more than $1 billion this year on acquisitions which have included New York’s landmark Clock Tower building, and the famous New York Times building. He also owns properties in Russia and Eastern Europe.
Leviev made his first billion-dollars in the diamond mines of Russia and Angola and currently holds the marketing rights for diamonds from Angola, the world's fifth largest producer of rough diamonds by value. The Leviev Group also launched diamond retail store in London in 2006 and plans to open in New York in October 2007.
|
|
|
|
|
|
|
|
|
Previous Item
| Back to List |
Next Item
|
|
|
|
|
|
|
|
|