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New Israel Land Development,” Nimrodi concluded. Six of these projects are owned by the Chinese company, said ILDC, and the others are future urban renewal projects. The projects include 21,500 apartments in various advanced stages of construction, subject to obtaining the consent of tenants and the local authorities. ILDC added that “the parties would consider forming a partnership (joint venture) to promote real estate operations (including for residence) in Israel.” The Chinese company is expected to finance 70% of each project, while Israel Land Development would finance the remaining 30%: 15% against a guarantee from an international bank and 15% according to construction milestones. ILDC further stated that “the financing for the Chinese company would be repaid over a two-year period from the end of the project,” or “when Form 4 is received.” The Chinese company is scheduled to send a team to Israel in the next two weeks to examine various sites for the two initial projects, consisting of “a large 65,000-sq.m. nursing home in Bnei Brak with over 1,000 beds, and a 65,000-sq.m. 60-floor office tower in Bnei Brak.” Bnei Brak is a city located on the central Mediterranean coastal plain in Israel, just east of Tel Aviv. A center of Ultra Orthodox Judaism, Bnei Brak covers an area of 709 hectares, and had a population of 178,288 in 2014. It has the largest population density of any city in Israel, with 25,540/sq km (66,100/sq mi). Last month ILDC reported its financial results for 2015, presenting an increase of 5.6% in revenues to NIS 747 million, along with a net profit increase to NIS 117 million, and a leverage reduction to NIS 500 million in net debt. Ma’alot S&P recently raised ILDC’s credit rating outlook from “stable” to “positive.” Ofer Nimrodi is an Israeli jurist, businessman, and former publisher born in Iran. His father, former intelligence officer Colonel Yaakov Nimrodi, served as the IDF Military Attaché and Israel Defense Ministry representative in Tehran, from 1956 until the fall of the Shah of Iran in 1979. The Nimrodi family owns a large group of companies and enterprises, primarily in real estate, media (Maariv), and energy sectors. The Israel Land Development Company (ILDC) is one of Israel’s largest conglomerates, engaged in real estate, construction, energy, hotels, and billboards businesses in Israel and internationally. ILDC is a member of the Tel-Aviv Stock Exchange TA MidCap-50 Index. The company has a current market value of approximately $165 million, as of April 18, 2016. Its Property Leasing segment leases and manages investment properties. The company’’s Construction Business segment engages in the promotion, execution, and sale of residential and commercial projects. Its Gas and Energy segment is involved in the oil and gas exploration, as well as holding interests in Myra and Sara licenses located to the west of Hadera, Israel. The company’’s Billboards segment offers printed billboard advertising services. Its Hotel segment owns and manages the Rimonim chain of hotels throughout Israel. ILDC was founded in 1909 by the Zionist Federation as the Palestine Land Development Company. It became an Israeli public company in 1953. Yaakov Nimrodi took control of the company in 1988 with a $26 million investment. In 2006 Nimrodi bought out 20% minority shareholder Ilan Ben Dov. ILDC is a controlling shareholder of Skyline International Development Inc. (TASE: SKLN) a Canadian investment and management company, in partnership with Mishorim Development. Photo: ILDC Bnei Brak Argaman Compound. ]]>