The Reality Fund has signed an agreement for the sale of a 15-dunam land division to Aspen Group in the Kiryat Arieh industrial zone in Petah Tikva. The scope of the deal is about NIS 126 million, to which will be added about NIS 14 million, subject to various future arrangements. On the land there are about 35,000 square meters of unused approved building rights.
Existing rights to land allow for a variety of uses, including industry, warehousing, employment and commerce. In addition, there is additional potential for improvement of the land by increasing the building rights to about 600%, in accordance with the outline plan promoted in the Kiryat Arieh industrial zone.
Aspen Group stated in the stock exchange report that “the consideration will be paid to the seller in two installments NIS 18 million at the time of signing the agreement and the balance of NIS 108 million will be paid on May 1, 2022 at the time of possession.” To act for financing from a banking institution. “
Zoglowek is the main tenant of the conference
Reality is a group of real estate investment funds, headed by Michael Vardi, Assaf Vardi and Ohad Rosen. The fund purchased the property in December 2019 from the Strauss family as part of a deal estimated at NIS 100 million for 17.5 dunams of land. As a logistics center for refrigeration and distribution, and recently extended the lease for an additional 10 years as part of the improvement process.
In addition, Reality, in cooperation with an end-renter, planned the design of another 8,000-square-meter office building in the southern part of the land, which combines offices, about 50 parking spaces and storage space. In June, the fund sold the property in the city’s Cultural Square property to Zim Beharim.
Aspen Group operates mainly in the acquisition, initiation, rental, management and improvement of income-producing properties, including offices, services, commerce, industrial buildings and logistics, mainly in Israel and the Netherlands.
Dan Menachem, a partner in the Reality Fund, stated that “the logistics complex in Kiryat Arieh is one of the first properties purchased by the Reality Group’s fourth fund and the group’s second property in Petah Tikva. The project is for logistics and commercial complex The fund, in full cooperation with the municipality and its municipal contribution, is very significant. “
Scout Harel, CEO of Aspen Group, responded: “The current deal continues the company’s strategy to expand Aspen’s operations in Israel in the office and logistics market. “This is a very significant land division in Petah Tikva that includes a logistics property leased to Zoglowek as well as approved building rights that will enable significant improvement potential and the establishment of a mixed-use project, in a location that enjoys high demand.”