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TEL AVIV-Northern Group Inc., a private real estate investment firm from New York City has acquired a 50% stake in Acad Building and Investments Israel. Acad Israel's principal asset is a 90% stake in U.Dori Engineering, a locally headquartered builder and developer that is publicly traded on the Tel Aviv Stock Exchange.

NGI buys and rehabs older buildings for residential and commercial use. Most recently, it has been investing in Detroit. Recent purchases there include First National, Penobscot and Cadillac Tower office buildings in Downtown and the 400-unit Alden Park Towers riverfront residences. NGI also has significant holdings in Louisville, Los Angeles, Pittsburgh, Philadelphia and Memphis.

U.Dori is an Israeli development and construction company with 2,000 employees. The company recently commenced work on the largest private power plant in Israel and also is active in Great Britain, Poland, Holland, Bulgaria and Nigeria.

NGI chief operating officer Jonathan Zich could not b reached Friday for comment. In a prepared statement, he says the acquisition of Acad Israel is part of the company's bid to broaden its asset base both nationally and globally.

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