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Fishman to build $350m Ottawa residential project - Jerusalem Economic Corporation and Darban Investments will build1,100 apartments and 1,200 shops adjacent to the Bridlewood Mall

Fishman Holdings subsidiaries Jerusalem Economic Corp. (TASE:ECJM) (JEC) and Darban Investments Ltd. (TASE: DRBN) have signed an agreement to build 1,100 apartments adjacent to the Bridlewood Mall in Ottawa, Canada. Proceeds from the project are estimated at C$400 million (US $350 million).

The project will be built on a lot, which is part of a property, 90 percent of which is held by a trust. Foreign subsidiaries of JEC and Darban each own half of the trust. The other 10 percent of the property is owned by a third party. Under the terms of agreement, the partners and the third party will establish a joint company, owned in equal shares, which will build the project and cover all building costs.

The joint company will distribute the net proceeds from the project equally between the partners and the third party.

Eliezer Fishman is the controlling shareholder in "Globes".