Israeli Property, Electra to invest in India

JERUSALEM, Dec 3 (Reuters) Israel's Property and Building Corp. and Electra Ltd. on Sunday said they had agreed on a joint venture to invest 0 million in real estate projects in India.

The joint venture includes an Indian partner who will hold a 10 percent stake. Property and Building, a subsidiary of holding company IDB Development Corp. , and Electra both hold a 45 percent stake.

The name of the Indian partner was not disclosed.

The companies are currently examining investments in southeast India, including a 42.9 acre (17.36 hectares) site for construction of 260,000 square metres, and a 9.9 acre site for construction of 1,200 housing units.

In October, Property and Building acquired along with two partners two Hilton hotels in London and Birmingham for 463 million pounds.

Shares in Property and Building were down 1.6 percent, and shares in Electra were down 2.3 percent, compared with losses of 0.7 percent in the broader market.

REUTERS KR BD1814