REAL ESTATE NEWS

GLOBAL JEWISH AGENDA (a newsletter of the Jewish Agency) http://www.jafi.org.il/agenda/2001/english/wk3-44/17.asp "ISRAELI INVESTMENTS IN BRITAIN EXPANDING Large Israeli investments in Great Britain are expanding. Businessman Benny Steinmetz has acquired some 8%of the large British real estate company Chelsfield at an investment of more than $85 million, while the Israeli real estate company Arazim, has acquired dozens of acres of land for $72 million. Chelsfield's market value - the company specializes in real estate acquisitions in urban areas in Great Britain - is $1.13 billion. Previous acquisitions by Steinmetz include the gigantic London project Canary Wharf and, together with other investors, the British real estate company Eremelsah. The land acquired by Arazim is in Cardiff in northern England. Building covering some 8000 square meters are located on the land, which will be primed for Britain's largest telephone company, British Telecom." http://www.jafi.org.il/agenda/2001/english/wk3-45/15.asp "REPORT FROM BRITAIN: ISRAEL'S DELEK GROUP NEGOTIATING TO ACQUIRE BRITISH REAL ESTATE COMPANY WORTH $715M Israel's Delek Group is in the midst of negotiations to acquire the British real estate company Great Portland Estates, which trades on the London Stock Exchange at a market capitalization of $715 million, the British press reported. Delek Group's subsidiary, Delek-Belron International, invests in properties in the UK and Canada. The company owns 13 properties in UK, as well as four properties in Canada. It was also reported that Liberty International, a gigantic British property company trading on the LSE at $2.9 billion, is a contender for Great Portland as well." http://www.jafi.org.il/agenda/2001/english/wk3-43/16.asp "ISRAELI INVESTORS ACQUIRE HALF AN ISLAND IN CROATIA FOR NIS 500 MILLION A group of foreign and Israeli investors has acquired half an Island in Croatia NIS 500 million. The 250 dunam area, is designed for the erection of a hospital, a rehabilitation center, and a marina. The Israeli investors include attorney Amos Maimon, formerly director general of President Moshe Katsav's office." http://www.jafi.org.il/agenda/2001/english/wk3-41/14.asp ISRAELI REAL ESTATE COMPANIES EXPAND BUSINESS ABROAD; PROJECT TO SET UP $90M COMMERCIAL CENTER IN BUDAPEST Israeli real estate companies are expanding their business dealings in Europe and the US. BSR Europe and Electra Real Estate are beginning to build a large commercial and office project covering more than 100 square meters in the center of Budapest, capital of Hungary. The cost of the project is estimated at more than $90 million. Over the past two weeks, Malibu has sold 240 units in the 18-Young project in Toronto. Sales totaled some $35 million. Liberty, which initiates and rents commercial and office buildings, has finalized a deal to acquire an office project in Prague for 22 million euro. 93% of the area is rented long-term to commercial bodies. Liberty had previously acquired a smaller office project in Prague for 3.3 million euro. http://www.jafi.org.il/agenda/2001/english/wk3-40/8.asp Buy of the year: equity one buys American real estate company IRT for $426 million The Israeli real estate company Equity One has signed a deal to buy out the American real estate company IRT Property for $426 million. The Atlanta-based company, which owns some 100 commercial centers, operates in the southeastern US. This is the largest acquisition by an Israeli company so far this year. The deal makes Equity One the tenth largest real estate investment trust in the US and the largest in Florida. Equity One shareholders are its parent company, Gazit Globe, Alony Hetz, and First Capital Realty. As a result of the deal, as well as the acquisition of the Canadian chain Center Fund two years ago, Gazit Globe, one of the largest real estate companies in Israel, will now own 245 commercial centers in the US and Canada. http://www.jafi.org.il/agenda/2001/english/wk3-40/8.asp Israeli real estate software company acquires US rival The Israeli company WorkplaceIQ, which develops and markets software solutions for real estate management, has acquired its US rival BayLogics in a stock and cash deal. The American company has a broad customer base numbering over 300 customers including various retail chains such as Cisco Systems and Home Depot. The program developed by the Israeli company is designed primarily for large companies that handle thousands of assets, such as cellular companies that place antennas throughout the state and need to manage the rental contracts of each site. According to Workplace IQ, the merger of the two companies will create a large company, with the largest market segment in real estate asset management in Israel. http://www.jafi.org.il/agenda/2001/english/wk3-37/11.asp ISRAELI COMPANIES COMPLETE PURCHASE OF APARTMENT HOUSES IN US FOR $182 M Israel companies Rosebud and Africa Israel Investments have completed the joint acquisition of apartment houses in the United States for rental in a $182 million deal. The Israeli companies, in collaboration with American investors, acquired thousands of housing units for rental in 13 neighborhoods in Dallas and San Antonio. They are located in residential neighborhoods near offices and factories. http://www.jafi.org.il/agenda/2001/english/wk3-35/18.asp Israeli company concludes $24 million real estate deal in Montreal The Israeli company Israelom has concluded a $24 million deal to acquire leasing rights in an office project in Montreal. The contract will remain in effect until 2034. Israelom deals in purchasing real estate, renting buildings, and construction for residential and commercial purposes. The company disclosed that its newly acquired property in Montreal yields an annual income of $2.5 million. http://www.jafi.org.il/agenda/2001/english/wk3-28/17.asp Israelis building a £15 million hotel in London Two Israeli businessmen, Meir Aboutbul and Shmuel Zisser, are building a business hotel with an investment of £15 million. Furnishings will be imported from Israel and the hotel will open in another year. Aboutbul, who owns restaurants in Israel and abroad, opened the Sea Hotel on the Tel Aviv beach about two months ago. http://www.jafi.org.il/agenda/2001/english/wk3-25/15.asp Large real estate deal in Lisbon The Israeli company Mivnei Taasiah is in the process of acquiring a large property in Lisbon, Portugal, to build a project that will include commercial buildings, offices and an apartment hotel. The deal totals 16 million euro. Mivnei Taasiah, which is acquiring the property through a foreign company, is a subsidiary of the Jerusalem Economic Corporation. http://www.jafi.org.il/agenda/2001/english/wk3-25/15.asp Another investment in Canada The Israeli "rush" on Canadian real estate is continuing. Liberty Properties has recently acquired a Canadian company that owned a rental housing project in the center of Montreal for NIS 16 million. Several months ago Liberty acquired a large office project in Prague, capital of the Czech Republic, for NIS 68 million. The entire project is let to commercial companies on long-term leases for NIS 7 million annually. http://www.jafi.org.il/agenda/2001/english/wk3-21/12.asp Large acquisitions in New York Africa-Israel, the large Israeli construction company has acquired, together with a local businessman, two sites in New York zoned for construction, for $30 million. Africa-Israel will build hundreds of apartments and a commercial center with sales expected to total $150 million. Some of the apartments are intended for rent. This is Africa-Israel's first construction initiative in the US, and the first time that this company is entering the construction-for-rental market. The company is also active in Europe, where it is currently building a multi-story shopping center in Prague and an apartment and commercial center in Moscow. http://www.jafi.org.il/agenda/2001/english/wk3-20/18.asp One of the world's largest real estate agencies, the American franchise Realty Executive is beginning to operate in Israel. The American company will initially open five branches in Israel - two in Tel Aviv, two in Rishon Lezion, and one in Jerusalem - but it hopes to eventually open 150 branches, becoming Israel's largest real estate chain. Realty Executive will handle both residential and commercial properties and will sell properties abroad to Israelis. http://www.jafi.org.il/agenda/2001/english/wk3-19/14.asp The international Delek company (controlled by Yitzchak Teshuva), and the Tom Maintenance company (controlled by Zvi Biran) have together acquired 60% of the British company that owns office projects for rent in the City of London in an area of close to 20,000 square meters. The entire project is rented to the American company Merrill Lynch until September 2015. http://www.jafi.org.il/agenda/2001/english/wk3-19/14.asp A similar acquisition in Great Britain. The real estate company headed by Moshe and Yigal Gindi acquired an office project in the center of London near Covenant Gardens for $30 million. This is the largest foreign ever deal made by this company, which decided to convert half of the space into residential property, and to build dozens of prestigious apartments for sale. http://www.jafi.org.il/agenda/2001/english/wk3-19/14.asp The Israel real estate company Equity 1 this week acquired the Village at Blanco shopping center, covering 10,000 square meters, in San Antonio, Texas for $19 million. Equity 1 has 88 centers in Texas and Florida. http://www.jafi.org.il/agenda/2001/english/wk3-19/14.asp Israeli shopping center entrepreneur Reuven Gross is expanding his activities to locations abroad. Gross has recently acquired shopping centers in Paris, France and in Liege, Belgium at an investment of NIS 92 million. http://www.jafi.org.il/agenda/2001/english/wk3-18/13.asp Three groups of Israeli investors have recently acquired apartment buildings for rent in the Harlem section of New York and in Miami, FLA for $5 million. The New York deal was arranged by the Real Basic Company, and the Miami deal by the International Global Real Estate Company of the ICG group. In another deal in Florida, the Israeli Company Activity One acquired a commercial center near West Palm Beach for $2.6 million. The Winn Dixie supermarket chain and the First Union Bank operate in this center. http://www.jafi.org.il/agenda/2001/english/wk3-17/16.asp Electra Realties company, a subsidiary of Electra, has acquired a rental housing project in England for some NIS 100 million ($20 million). The project is located in the coastal city of Brighton in southern England on an area of some 8,000 square meters. A foreign financial institution put up most of the money for the deal, at an interest rate of 6.1% for seven and a half years. http://www.jafi.org.il/agenda/2001/english/wk3-16/13.asp Angel Industries acquired a shopping center in Canada for some $19.6 million. The 32,000 square meter shopping center is situated 30 km outside of Montreal. The company, which is controlled by businessman Yaakov Angel, anticipates an estimated annual rental income of $2.29 million. The company's capital is estimated at approximately $31.25 million. http://www.jafi.org.il/agenda/2001/english/wk3-16/13.asp A group of Israeli investors acquired leasing rights in an office project in London that stood empty for the past five years. The investment, including the cost of building renovation, totaled $2.2 million. The building will be turned into an apartment house, and the apartments will be sold and rented to people working in the area and to students at the nearby university. http://www.jafi.org.il/agenda/2001/english/wk3-15/13.asp Israelis are increasing their purchases of apartments overseas. Between January and March, Israeli purchases included 25 apartments in Costa Brava, in Spain, worth $1.75 million, 16 apartments in Brussels worth $800 thousand and 17 apartments in Budapest worth 2 million dollars. Real estate companies that brokered the sales stated that purchasers are motivated by investment opportunities as well as "security in times of emergency." Additional investments in Europe: M & M Cohen Co. recently purchased a commercial center in Paris for $3.5 million together with European partners. Reved Co. will construct jointly with another investor a 4,000 square meter office complex in England. The plot was purchased for $1.5 million. http://www.jafi.org.il/agenda/2001/english/wk3-15/13.asp Additional investments in Europe: M & M Cohen Co. recently purchased a commercial center in Paris for $3.5 million together with European partners. Reved Co. will construct jointly with another investor a 4,000 square meter office complex in England. The plot was purchased for $1.5 million. http://www.jafi.org.il/agenda/2001/english/wk3-14/12.asp Israeli business interests in Canada are expanding: The Scalar Co., a subsidiary of the Israeli Dorban Group and the Jerusalem Economic Development Authority, acquired 90% of the rights to a commercial center in Toronto for CA$ 3,400,00 this week. The project includes a constructed area of 33,000 square meters. The purchase was made only 5 days after the Jerusalem Economic Development Authority acquired an office project in Paris, in the 13th Arrondissement, for more than $US 4.5 million. http://www.jafi.org.il/agenda/2001/english/wk3-14/12.asp Yet another Israeli business deal in Canada: Isralom Properties Ltd. has acquired leasing rights in an office project in Montreal for $24 million in partnership with a Canadian company holding 25% of the rights. The Israeli company, Edgar Investments, acquired an office project in Ottawa for approximately CA$1.5 million this week. http://www.jafi.org.il/agenda/2001/english/wk3-11/16.asp The largest-ever acquisition made by an Israeli company is underway: "Capital" acquired the Dutch-British real estate company "Halsmere" for $1.27 billion. The purchase proposal made by "Capital", which is traded on the Stock Exchange at a market value of $25 million, received the approval this week of the acquired company, which has shareholders capital of $1.6 billion. "Capital", whose junior partner is the American company "Apollo" (30%), is involved in real estate investments, hi-tech, and providing services in the capital markets. The company's major shareholders are Shimon Weintraub and Ronen Peled. http://www.jafi.org.il/agenda/2001/english/wk3-10/13.asp Israeli business magnate Lev Levayev, who has controlling interest in Africa-Israel Investments, is conducting negotiations to acquire the Dutch real estate company Uni-Invest, worth $650 million. The assets of the Dutch company - that invests in income-yielding real estate, total $1.5 billion, yielding the company an annual income of close to $200 million. The company's value exceeds that of the entire Africa-Israel, which is worth $395 million. http://www.jafi.org.il/agenda/2001/english/wk3-8/14.asp The Israeli company Electra is expanding its investments in income-yielding real estate ventures overseas and is currently closing a new deal: the purchase of 90% of a residential project in the center of Montreal, Canada for NIS 137 million (Can. $ 47M). The transaction was signed with a group of three companies that have acquired several buildings in the city, leased to tenants for different periods. One of the buildings is leased to the Canadian government for 10 years. Annual rents amount to Can. $8.2 M (NIS 24 million). Net rental income after expenses comes to Can $4.95 M - a net yield of 10.5%. http://www.jafi.org.il/agenda/2001/english/wk3-7/15.asp The Israeli realty company Mivnei Ta'asiyah intends to invest $50 million in productive realty overseas. This week the company held a presentation for institutional investors, in preparation for a debentures issue next week. Mivnei Ta'asiyah intends to raise at least NIS 580 million through the issue, and to substantially reduce the scope of its new investments in real estate in Israel. A certain amount of the issue will be Euro-linked. The company's real estate investments will focus on Western Europe, and for this reason the issue will be partially in Euro-linked debentures. The controlling shareholder of Mivnei Ta'asiyah is Eliezer Fishman. http://www.jafi.org.il/agenda/2001/english/wk3-1/15.asp Israeli company Liberty Properties, recently acquired an office complex in Prague for NIS 79 million. The project is leased to commercial enterprises and projected annual revenues from rentals are estimated at NIS 7 million. The company handles and manages productive assets, initiates and develops realty rights, and sells and leases commercial centers. http://www.jafi.org.il/agenda/2001/english/wk3-1/15.asp The company owned by tycoon, Yaakov Engel continues to make purchases abroad. After investing hundreds of millions of dollars in construction projects in Europe, the company recently acquired an office block in Montreal, Canada, for Can$ 13.4 million. The center is located on St. Catherine Street, the city's main thoroughfare, and it includes the Bank of Montreal.

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BILL GATES: WE WILL NOT BE DETERRED BY TERROR, MICROSOFT WILL CONTINUE TO INVEST IN ISRAEL, AND EVEN EXPAND ACTIVITIES "Israel's great success due to education and knowledge immigrants brought" In an interview with the Israeli newspaper Yedioth, Microsoft Chairman Bill Gates, said that Microsoft will not be deterred by terror, and will continue to invest in Israel -- and even expand its activities. Gates said that Israel's great technological success is the result of the high level of its citizens, stemming from the high quality of education in Israel and the knowledge brought by the new immigrants. As a result, Israel has become the place where the largest hi-tech companies in the world seek out brilliant high tech professionals. The company's employees in Israel, he said, recently received an "ambitious assignment": they are dealing with new development, primarily in the field of digital security, in which Israel has an impressive list of achievements as well. It is clear, he added, that Microsoft will continue to invest in its R&D center in Israel.

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JOINT ISRAELI-SWISS COMPANY TO MANUFACTURE AROMA PRODUCTS The Israeli company Agan Aroma is establishing a joint venture in Switzerland with the Swiss flavors manufacturer Firmenich, the largest private company in the world in the field of flavor and fragrance materials. The new company, to be called InnovAroma, will market Aroma products to cosmetics, detergent, food, and beverage industries.

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ALON EXPECTED TO ACQUIRE LARGE REFINERY IN US The Alon Israel Oil company is expected acquire a large refinery in the US at an investment of some $200 million, after reaching the final stage in the tender process. The refinery is capable of processing 95,000 barrels a day.

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SWISS BANKING GROUP TRANSFERS MANAGEMENT OF INVESTMENT PORTFOLIO, WORTH $100 MILLION, TO ISRAELI COMPANIES Largest deal in Israel in this field and one of largest in world The Swiss banking group UBS is transferring the management of its venture capital investment portfolio, worth $100 million, to the Israeli venture capital management companies, Vertex and Formula. The two Israeli companies have set up a joint management company in Great Britain specifically for this purpose.

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AT&T BEGINS SUPPLYING SERVICES BASED ON ISRAELI TECHNOLOGY AT&T Wireless, the third largest provider of cellular services in the US, has begun to operate its voice activated dialing service, which is based on technology developed by the Israeli company Comverse. AT&T has 21 million subscribers.

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Israeli technology helps Intel & Deutsche Telecom in cellular market Intel, the world's largest manufacturer of computer chips for PCs, is about to conquer the cellular phone market with a new chip that was developed in Israel. The Manitoba chip was developed by engineers at DSPC, Intel's subsidiary in Petah Tikva. With the chip, Intel hopes to become the world's principle manufacturer of cellular phone chips, a new area of activity for the company. Intel acquired DSPC three years ago for $1.6 billion in cash.

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TWO ISRAELI COMPANIES ACQUIRE 169 GAS STATIONS IN US FOR $39M Two Israeli investment companies, Polar and DIF Industries, have signed an agreement to establish a joint venture to acquire Fas Mart, an American chain of 169 gas stations and convenience stores for $39 million. Insiders noted that Fas Mart's annual revenue is around $400 million. Israeli companies - the Alon Israel Oil Company and Delek Israel Fuel Corporation - have already acquired a large number of gas stations in the US: Delek acquired 239 gas stations for $205 million and Alon acquired the assets of an American company that markets exclusively to 1,700 gas companies and owns 170 gas stations for $400 million.

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ISRAELI START-UP DETECTS BREACH IN MICROSOFT'S MAIL PROGRAM The Israeli start-up company Beyond Security Ltd., which specializes in examining security in communications networks, recently detected a security information breach in Microsoft's Outlook Express mail application program - which allows an outside person to take control of the computer. Last weekend, Microsoft published an announcement on this matter, and referred users to a site from which they can download a patch that corrects the problem. The director-general of the Israeli company said that Microsoft reacted quickly. "They know us," he said, "because in the past we have also discovered security breaches in Microsoft products. They asked us not to publicize it until they put up the patch files that correct the problem.

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SPANISH COMPANY, TELEPHONICA, CHOOSES ISRAELI COMPANY, COMVERSE, AS ITS GLOBAL TECHNOLOGICAL PARTNERS One of the largest cellular communications companies in the world, the Spanish company Telephonica, has chosen the Israeli company Comverse as its global technological partner to provide message solutions. The global agreement makes it possible for operators to use Comverse's message solutions, which combine voice boxes, voice dialing, integrated messages, and more.

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STAR-CORE TRANSFERS DEVELOPMENT HEADQUARTERS FROM US TO ISRAEL The American company Star-Core, which manufactures digital signal processing (DSP) equipment, has moved its development headquarters to Israel, in the industrial zone near Tel Aviv. The company decided to set up its new headquarters - which already began to operate this week - in Israel, after closing its development headquarters in Atlanta, Ga.

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BIOTECHNOLOGY COMPLETES PURCHASE OF ROSEMONT FOR $94 M The Israeli pharmaceuticals company Biotechnology this week completed the purchase of the British pharmaceuticals company Rosemont for $94 million. Rosemont's rate of growth in recent years has reportedly been 15% annually. The company finished the second half of 2002 with income of $11.3 million and 2001 with income of $20.3 million.

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Multimillion dollar deal between Amdocs and Cable and Wireless The British communications conglomerate Cable and Wireless chose the Israeli company Amdocs to provide billing solutions, that is, computerized ways of billing and collecting money. The British company provides communications services to 33 countries and its income in the past year has totaled $8.6 million. The solutions developed by Amdocs will be integrated into the company's cellular networks in 18 countries including the West Indies and Macao. A six-year contract was signed for the deal, which is estimated at dozens of millions of dollars.

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Huggies acquires German pharmaceuticals company for $15M The Israeli pharmaceuticals company Huggies is acquiring a plant in German for $15 million. Huggies and the German plant are the largest manufacturers of the raw materiel for the drug pentoxphilin, which is used by people suffering from a blockage in the blood vessels to improve the blood flow. Acquisition of the German plant will make Huggies the leading company in the production of this medicinal material and will increase the company's international activities.

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Stock deal: Israeli company, Ness Technologies, acquires Czech computer company for $15M The Israeli computer services company Ness Technologies is acquiring a Czech computer company, considered one of the largest technology information companies in Europe. Ness is acquiring the Czech company in a stock deal totaling some $15 million. Ness has not disclosed the company's name, but announced that immediately after the deal is signed, the name will be changed to Ness Czechia. The company, which is partially owned by investors from the US, provides computer services to organizations and government offices that are based on Microsoft, Bea, and Sap computer systems. Ness is currently negotiating the acquisition of two additional companies in Great Britain and in the US.

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Sonol planning to buy hundreds of gas stations in Europe The Israeli oil company Sonol Israel Ltd. has announced its intention to acquire hundreds of gas stations in Europe at cost of close to $100 million. The company is also looking into the possibility of acquiring hundreds of gas stations in the US, but at this stage, it prefers to acquire oil assets in Europe, because of its geographic proximity to Israel that will expedite management.

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Refineries negotiating to acquire oil and gas companies in Eastern Europe Oil Refineries Company is conducting negotiations to acquire gas companies in Eastern Europe as well as in Turkey. Insiders say that the company is also considering entering the field of gas production in Eastern Europe. Each deal is likely to total tens of millions of dollars. Oil Refineries, which is government-controlled, is enjoined from marketing oil in Israel, but no such restrictions apply to activities abroad - thus penetration of the Eastern European market will enable the company to market its products abroad.

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Refineries in advanced negotiations to acquire Turkish oil refineries Yet another deal with Turkey: Israel's Oil Refineries Company is in an advanced stage of negotiations to acquire a Turkish oil company that operates hundreds of gas stations in Southern Turkey. The deal is likely to total tens of millions of dollars. The oil industry is waiting to see whether the Minister of Finance and the Government Companies Authority (the Oil Refineries Company is a government company) will authorize the deal in light of two limitations: the deal is likely to interfere with the treasury's trend of privatizing the refineries, and the principle that the Companies Bureau should not engage in business deals abroad.

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International research company: Western economy depends on Israeli technology Israel's strong high tech industry received national recognition this week. Giga Information Group, a leading global advisory firm, gave the following evaluation of Israeli technology, in a position paper that it published on Wall Street this week. Among other things the paper stated: "Without Israeli technology, the west will not develop. Many organizations throughout the world, including the American national infrastructure, will not survive for long without constant support from the revolutionary technology coming from Israel." In response to inquiries from various large organizations regarding the advisability of continuing to acquire Israeli products, the heads of Giga note: "Israeli technology has the greatest influence on the modern world, since it is leading both conceptually and technologically. Israeli engineers find elegant and creative solutions to deal with the biggest problems and threats. Israeli innovativeness sets a very high standard that challenges other technologies. Therefore products from countries such as Sweden, Germany, England, Asia, and even North America become much better thanks to the standards set by Israel." Signing the position paper is the company's vice president, Steve Hunt, a world expert in security analysis.

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US acquisition The Israeli company Bern has acquired the American company 02Wireless Solutions, considered one of the leading US companies in planning and setting up solar communication sites. In recent years, the American company has set up 50,000 communications installations in the US, but according to Bern, 02 has never shown any profit.

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A group of investors headed by the Israel Corporation of the Ofer Bros. group, acquired the European Internet services firm PSINet for US$9.5 million in cash. The European company offers Internet-related services in the UK, France, Germany and other European countries. The deal was part of the overall sale of all 24 PSINet US' businesses; last year the company filed for Chapter 11 bankruptcy protection in June last year.

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Israeli gas fuel companies are expanding their activity in the US. Delek is concluding negotiations to purchase 85 fueling centers, which include gas stations and convenience stores. The volume of sales from centers totals $200 million annually. Last year the Delek group acquired Mapco Express, which operates a network of 198 gas stations and convenience stores in Tennessee, for 164 million dollars. In addition, Delek acquired 36 fueling centers in Virginia for 41 million dollars.

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This week the Israeli investment company Carden acquired controling interest over the fourth largest pension fund in Bulgaria, the POBD Fund for $4 million. $3.1 million was paid in cash for the acquisition of 52% of the fund, and $900,000 will be placed in a trust account for the acquisition of the remaining 15%. The purchase was made by a Cardent subsidiary, which already controls Bulgaria's largest pension fund, and which intends to merge the two funds. The number of pension portfolios in the newly merged company is expected to near one million.

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The Israeli company "Albad" that manufactures wet wipes is purchasing a wet-wipes plant in Western Europe with an annual turnover of Euro 8 million. As a result of the acquisition, 30% of the company's manufacturing capacity will be transferred to Europe. The company recently acquired another wet-wipes plant - the German company F.H.W., for Euro 9.7 million.

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Bank Leumi has acquired the Net First National Bank of Florida, including the bank's entire deposits, totaling $23 million. As of today, the bank will be able to accept deposits - which will be insured by the Federal Deposit Insurance Corporation (FDIC) - and to grant credit. The acquisition of the Florida bank was part of the Bank Leumi's plans to expand its operations in the US. It operates branches throughout the US including New York, Beverly Hills, Encino, and San Jose.

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Microsoft and the Israeli government have signed a strategic partnership agreement, as part of Israel's "accessible government" project. The agreement includes major activity by the international Microsoft corporation in Israeli government computer projects. The agreement was signed in Paris by Microsoft Chairman, Bill Gates, and Nir Gilead, Finance Ministry Comptroller General. Under the agreement, Microsoft will help the Israeli government carry out the project, designed to improve service to the public through the Internet, and to create new on-line government services. Microsoft will also allow Israel to use software licenses purchased by the State in the past, in the development of the Merkavah project - lateral development of government ministries. In addition, Microsoft will donate licenses to Microsoft servers for the Lehava project, aimed at closing the digital gap in the weaker sectors of Israeli society through the establishment of community computer centers.

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Bill Sanford, chairman of "Bio-Enterprise" - an umbrella organization for business activity in the bio-technology sector in Cleveland, Ohio announced that his organization plans to invest hundreds of millions of dollars in Israel, depending on business opportunities. The investments will be in bio-technology, medical equipment, bio-informatics and services in the life sciences. Sanford, who this week visited Israel, said that he will recommend that his organization continue its ties with 30 Israeli companies.