Fuel Properties Companies andRegions It was announced this morning (Sunday) that they purchased from an estate and building company (from the Discount Investments Group) an area of 3.87 dunams at 41-43 Hamsger Street in Tel Aviv, for NIS 390 million.
According to the Tel Aviv master plan, a 40-story tower can be built in a mixed use of commercial, employment and residential areas with a total area of about 37,000 square meters. The companies intend to promote a new master plan and increase building rights to approx. 50,000 square meters. The companies estimate that the total investment in the project will amount to about NIS 900 million (100%, including purchase consideration and purchase tax).
There is currently an industrial and commercial building on the land with a total area of about 7,800 square meters, which is rented to 5 different tenants with leases that end or can be terminated for a period of up to five years. Per year.
Felix Schoffman, CEO of Delek Properties, and Ron Avidan, CEO of Azorim, stated that “We are confident that the continued cooperation between the companies will lead to additional opportunities. That will provide a response in a timely manner to these demands. “
It was also reported this morning that a real estate and construction company has sold the HSBC tower in Manhattan, New York, for a total consideration of $ 855 million. The tower was acquired by Properties and Building and Koor in 2009 from HSBC for $ 353 million. In 2011, Properties and Building acquired Koor’s share. The acquirer is Innovo Property Group (“IPG”).
Doras Cohen, CEO of DSKS and Properties and Building, said: “The company has realized very significant assets in two transactions that have now been completed. The sales are made after competitive negotiation and hard work of the company’s management; U.S. Operations Manager Eli Elephant; and Neve Gad CEO Avi Rosen. Management is working hard to implement the board’s decision to focus the company’s business on income-producing assets in Israel. “