Yield horn The new Announced the purchase of 50% of the Sheled-Peled complex in the Caesarea Industrial Park and a 50% option to purchase a plot for the initiation and construction of a building intended for employment and commerce near the Pardes Hanna-Caesarea train station.
Manivim purchased from Sheled Peled Engineering and Properties Ltd. 50% of the Sheled-Peled complex, for NIS 71 million, plus VAT and purchase expenses of NIS 5.25 million (mainly purchase tax). The complex, located in the southern industrial area of Caesarea , Including 5 buildings in a built-up area of approximately 12,600 square meters and approximately 170 parking spaces on a land division in an area of approximately 16 dunams. The complex is used for industry, storage and high-tech offices.
Sheled Peled Caesarea Complex, Photo: Gal Friedman
The buildings were built in stages, with the last new building in the complex, covering an area of about 4,400 square meters, inhabited in 2019 by a number of high-tech companies. The occupancy rate in the complex is about 97%, and it is rented to 19 tenants for rental periods between one and 5 years, plus options.
The expected annual NOI, with full occupancy of the complex, is estimated at NIS 8.5 million, and yields will be entitled to 50% of the revenue.
In addition, a 50% of the option to purchase a 7.6-dunam plot, located in the future Ilanot employment park, which will be built east of the Pardes Hanna-Caesarea train station, was traded to the company by a company affiliated with Sheled-Peled. Manivim will pay a total of NIS 13.4 million in exchange for 50% of the lot (including for the option option), plus VAT and linkage differences, plus transaction expenses of NIS 1 million (mainly purchase tax).
On the plot, Manivim intends to jointly initiate with SPIRIT – a new project, intended for employment and commerce, in an area of about 15,000 square meters plus parking. The total investment in construction is expected to be NIS 160-200 million, and Manivim’s share is expected to NIS 80-100 million.
Yanivim expects that the NOI from the complex, after its full lease and upon completion of its construction, is expected to stand at NIS 13.5-16 million and yield the company a return of 7.5% -9%.
Payment of the consideration in the transaction will be made from the cash available to the company.
The transaction was accompanied on behalf of Yanivim by Adv. Yafit Plassenfeld and Dor Bohdana from the firm of Goldfarb Seligman, and on behalf of the sellers Adv. Etty Dolev and Eli Gozlan from the firm of Fischer Bachar Chen. The broker in the transaction is Kfir Sasson from Infinity Real Estate Consultants.
Recently, Yanivim reported the acquisition of two properties, in Or Yehuda and Acre, for a total consideration of NIS 97 million. Manivim currently owns 17 properties with a total area of approximately 216,000 square meters and approximately 43,000 square meters of parking space. The total value of the income-producing real estate it owns, including the two properties in Or Yehuda and Acre, amounts to NIS 1.97 billion, and in the current transaction the value of the real estate will exceed the NIS 2 billion threshold and stand at more than NIS 2.05 billion.
Ofer Abram, Photo: Avishai Finkelstein
Ofer Abram, CEO of the New Harit Fund: “Sheled Peled Complex is a quality and sought-after complex in the Caesarea Industrial Area, which is one of the most advanced and successful employment areas in Israel. And increase the company’s annual NOI immediately.
The partnership in the field for the establishment of the SPIRIT project is an opportunity to increase the company’s portfolio and future revenues through entrepreneurial activities, which are made possible for the company as part of the regulation applied to the REIT funds. This is an initiative that embodies great potential, given the unique nature and location of the project adjacent to the train station and in an area that is in great demand among high-tech and industrial companies. “
Erez Even Chen, CEO of Sheled Peled Engineering and Properties“Sheled Peled has been on a significant entrepreneurial momentum in recent years. The partnership and partnership with Keren Menivim will allow us to continue the development momentum while maintaining our values of innovation, excellence and service. Our company invests many resources in creating meticulous and quality work environments.” “For this purpose, we see a great advantage in a partnership of this type that will allow further development of the entire region.”
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