Globes - Guy Yamin 22 Dec 05 10:43

Africa-Israel Investments (TASE: AFIL) is partnering Polar Investments (TASE: PLR) subsidiary Polar International Real Estate in construction of a Hard Rock entertainment park in the US. The park, scheduled to open in 2008, will cost $360 million.

Africa-Israel CEO Pinchas Cohen and Polar International Real Estate chairman and CEO Dubi Weiss signed an MOU for cooperation in the US in a company that will invest in the park. This is the first time that Israeli companies are investing in a Disney-style entertainment park.

The Hard Rock park will occupy 600 dunam (150 acres) in the Myrtle Beach area of South Carolina on the East Coast. Cohen and Weiss said that investing in the park was a unique business opportunity, and would be part of their strategy of spreading and diversifying their investments in the US.

Adv. Yoram L. Cohen and Adv. Stanley Frisch represented Africa Israel and Polar international on the transaction