Yael Drel , themarker.com.

Another real estate acquisition of Azrieli Group (26,480 -0.11%) In the city of Modi'in: The group reports this morning that it has won a tender from the Israel Lands Authority, within which it will pay NIS 88 million - of which NIS 37 million is development expenditure - to purchase leasehold rights on a plot of 17.3 dunams in the city.

The lot, which is intended for office and commercial construction of approximately 37,000 sq.m., is located in the city's main business district (Ma'am), near the Azrieli Modi'in mall, which operates in the city from 2008.

The main business center is located near the Modiin Central train station, near the Anba Park. The Azrieli Group is involved in several projects in the city, including 67 housing units located above the mall, and a sheltered housing project that the group opened about a year ago , under the Palace brand.

Dana Azrieli.

The current acquisition also joins additional land that the group has purchased, on an area of ​​about 5.3 dunams, also located in the square and adjacent to the mall, where a commercial, office, 80 residential and 50-room projects will be built.

Azrieli Group Chairman Dana Azrieli said: "We are delighted to have won the tender and to continue developing projects in Modi'in. We believe in the city's growth and development potential. "

The current acquisition also joins additional land that the group has purchased, on an area of ​​about 5.3 dunams, also located in the square and adjacent to the mall, where a commercial, office, 80 residential and 50-room projects will be built.

Azrieli Group Chairman Dana Azrieli said: "We are delighted to have won the tender and to continue developing projects in Modi'in. We believe in the city's growth and development potential. "