Tel Aviv Central Station (free license photo Wikipedia)
The tide in the real estate market has reached the Levinstein Group. Notes in the report that most of the change in fair value is due to revaluations of the old Central Station complex in Tel Aviv.
Levinstein began examining the fair value of its assets as part of the company’s preparations for the publication of its financial statements for 2021, which are expected in about two months. In this context, the value of all its assets for investment and construction, including the old Central Station complex in Tel Aviv, was assessed by external and independent appraisers (real estate appraisers).
The company reports that in accordance with the draft valuations, it has accumulated initial indications of the sharp increase in the fair value as stated, and it is expected to be reflected in the forthcoming reports. According to estimates, the reason for the jump in value is a general surge in transactions in the areas of residential real estate, commerce and employment made in the fourth quarter in various areas of Tel Aviv relevant to the Central Station complex – at prices that reflect a jump in the monetary value of the properties.
The Company has reservations in the report and writes that this is forward-looking information which is only a preliminary estimate based on preliminary indications that have accumulated with the Company as part of revaluations made in preparation for the financial statements each year, and may be subject to material changes.
The Levinstein Group, in cooperation with Shikun VeBinui, will build the huge project in the area of the old central station in Tel Aviv, which includes thousands of housing units and office and commercial buildings in central Tel Aviv. The project includes the construction of 1,333 housing units and 153,000 square meters Extensive public in four separate consolidation and distribution complexes. The plan has already been approved by the district committee and the group is currently working to promote the architectural design plan for the complex. Expected rise to the ground – within about two to two and a half years.
More in-
The Central Station plan is spread over an area of about 78 dunams between Menachem Begin Street in the west, the Hebrew Battalion in the south, the Negev in the north and Salomon Street in the east. Levinstein and Shikun VeBinui finally purchased the complex in July 2015 for NIS 560 million.
Architect Moshe Tzur is planning the living space in the trust plan of the Yaski Mor Sivan Architects office and the office space. In the center of the complex is expected to pass the green line of the light rail, in the municipal square it is planned to build the new residence of the Batsheva band and another public space. In addition, the program also preserves the well house.
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