Tzachi Abu (photo by Nogi Tzur, Abramovich Studio)
Businessman Tzachi Abu does not stop. A few days ago, he signed a deal as part of which he will transfer the entire share of his significant projects in Ashdod to urban renewal into Internet Gold, which is actually a stock market skeleton, and in return he will be allotted shares that will eventually be 80% fully diluted from Internet Gold.
The projects that Abu will transfer to the Gold Internet will be: the Sapir complex located in the 5th District in Ashdod. Steel Complex in the 8th District in Ashdod, the Uriah Hitti Complex in the 13th District and the Carmi Brigade Complex in the 3rd District in Ashdod.
More in-
In practice, on the land that Abu will transfer to Gold Internet, thousands of housing units and tens of thousands of square meters of commercial space can be built on it. .
In the Neot Sapir complex in Ashdod, 200 housing units are currently being built and are to be built, and according to Abu’s plans only, 900 housing units and 2,000 square meters of offices and commercial space will be built.
The Steel Steel complex currently has 308 housing units under construction, and Abu plans to build 1,436 housing units on them, as well as 1,610 square meters for offices and commercial areas.
In the Uriah Hittite complex, 257 housing units are currently being built, and in their place, Abu plans to build 1,156 housing units, while no commercial or office space is expected to be built in this complex.
In the Carmeli complex in Ashdod, 144 housing units are currently being built, while Abu plans to build 648 housing units there, as well as 1,512 square meters of offices and commercial space.
It should be remembered that Abu’s net share in these complexes is much smaller, but these are still significant complexes with significant rights. Abu, it should be remembered before submitting any application for a building permit and therefore no such permits were issued. At the same time, Abu is a serious businessman and therefore in the capital market meanings are attributed to the numbers running in the agreement between Internet Gold and him.
One more thing to keep in mind: the allotment of shares as well as the streaming of projects within Internet Gold will be done, as far as they are done, in stages and therefore it is not an allotment and streaming of projects that will happen in one day but this is the deal.
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