Beit Romano in Tel Aviv was sold for NIS 371 million. This is what Properties and Building announced today. The buyer is YBOX, which owns the nearby Gat Rimon complex, and intends to unite the two, in favor of establishing a hotel, residential, employment and leisure complex.
Properties and Building reported to the Securities Authority that the transaction was carried out “following an invitation to make offers published by the company for the purchase of its full rights in Beit Romano, a yielding real estate property with potential improvement on Jaffa Street, and in accordance with the company’s board decision.”
“In accordance with the sale agreement, the completion of the transaction and the delivery of the property will be made up to 90 days from the date of signing the sale agreement,” the property and building notice said. “In respect of the transaction, the company is expected to record in its annual financial statements for 2021 its share of the net profit from the increase in the value of investment real estate, in the amount of approximately NIS 157 million.”
This is another transaction in a sales chain that it has carried out in recent months. Thus, in early December, the company announced the sale of the HSBC building in Manhattan, New York, for $ 855 million, and the sale of a “property house” on Hamsger Street in Tel Aviv, for about $ 390 million. Last month it announced the sale of a Romano house that is now being sold, and at the end of January announced that it was putting the Mandarin Hotel in north Tel Aviv up for sale.
Building rights amounting to approximately 12,000 square meters
YBOX’s announcement of the transaction details the property’s data as of today: it is land in an area of about 3,000 square meters on Jaffa Road in the south of the city, on which a building is built with commercial areas of about 2,500 square meters. According to the report, the building includes building rights of about 12,000 square meters, which allow the construction of about 140 housing units, in addition to the existing commercial areas.
“The company intends to create a synergy between the Gat Rimon project, which is fully owned by the company, and the Beit Romano complex,” YBOX said in a statement. “The company plans to establish a mixed-use residential, commercial and office use complex in the complex, and intends to maintain the youth’s living in the complex. “Employment and Leisure.”
Simultaneously with this report, the company announced today negotiations that it is conducting, regarding the purchase of additional land in south Tel Aviv, in an area of about 4.3 dunams, in exchange for about NIS 140 million. YBOX A real estate development company that focuses on urban renewal projects, is traded at a value of NIS 381 million and is controlled by Yaakov Gorsed.
Yossi Turgeman, CEO of the YBOX Real Estate Group: “The acquisition of the ‘Beit Romano’ complex is in line with the company’s strategy to create construction projects that are properly planned and adapted to the customers’ needs, while preserving the character of the area. We intend to create a huge residential, employment complex “Recreation and leisure that will meet all these needs.”