A big deal for the sale of land on the prestigious Gali Tchelet Street, in Herzliya Pituach. Construction contractor Rami Shabiru has agreed to purchase the land from a company Locality training And its holding partners, for a total amount of NIS 211.5 million plus VAT. At the time of signing, the buyer transferred to the sellers 40% of the consideration in cash. The balance of the consideration will be paid within 120 days from the date of signing.
The land sold, known as “Pat-Yam”, is a plot of land with a gross area of about 11 dunams on the seafront in Herzliya Pituach. In August 2020, the master plan (city building plan), approved in February 2020 for hotel construction on the land, was given final and absolute validity. Commerce. “The company’s simulation shows that the hotel will rise to a height of 14 floors.
Herzliya Pituach, the ground in light blue waves / Photo: Albatross
The settlement training, which is controlled by Ofer Nimrodi, holds 67% of the rights in the land, while the rest is held by third parties unrelated to it or Nimrodi. The value of the land is not estimated in the settlement training books and is included in the company’s financial statements for the end of September 2021 at a value of approximately NIS 23 million. As a result of the transaction, the locality’s training is expected to include in the financial statements of the first quarter of 2022 a profit of NIS 100-107 million.
In addition, as a result of the transaction, the locality’s training will receive a cash flow of approximately NIS 141 million. Of this amount, a total of NIS 56 million was received at the time of signing the transaction, and the balance will be received in the second quarter of the year.
Jumped 150% in three years
The locality’s training operates in the field of initiating and renting income-producing properties in Israel and Poland. The company’s income-producing assets include commercial areas, offices and logistics parks. The company is also involved in initiating residential projects in Poland and in the field of urban renewal in Israel.
The locality’s training is traded on the stock exchange at a value of NIS 2 billion, after its share has risen by 150% in the last three years. The company operates in the field of initiating and renting income-producing properties in Israel and Poland – commercial areas, offices and logistics parks; As well as initiating residential projects in Poland and urban renewal in Israel.
Nimrodi, the company’s CEO, stated that “the deal for the sale of the land in Herzliya Pituach is the result of many years of work, in promoting and approving the master plan until the land is realized. “These, along with other moves we have made and a clear financing strategy, enable the locality’s training to implement the business and entrepreneurial plan both in the field of income-producing properties and in the field of residential development, in Israel and Europe.”
The locality’s training is traded on the stock exchange at a value of NIS 2 billion, after its share has risen by 150% in the last three years. The training of the locality was represented in the transaction by attorneys Erez Tik and Yael Plateau-Bilu from the law firm of Lipa Meir & Co.