Africa Israel Investments (TASE:

AFIL1

) and

Rosebud Medical (TASE:

ROSB

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) have completed a $182 million real estate deal in Texas.

Operating together with American investors, the Israeli business groups bought 4,100 housing units for rent in 13 neighborhoods in Dallas and San Antonio.

The deal diverges in some details from the memorandum of understanding signed about two months ago. The original transaction was for over 5,000 units, some of which were in Houston.

Most of the deal will be financed through bank credit, with the parties kicking in $32 million of their own capital.

Rosebud, controlled by Dudi Weissman and Shraga Biran, has 25% of the project and is contributing $8 million cash.

Africa Israel, controlled by Israeli-Russian diamond magnate Lev Leviev, also has about 25% of the deal. It will be the group's first rental real estate venture in the United States.