Guy Lieberman, globes.co.il

Hritt Foundation Rock real estate Managed by CEO Gadi Alikam and Chairman Shmuel Slavin , NIS has acquired NIS 151 million in Tel Aviv and Bnei Brak. Both properties were held by one private entity. The fund acquired three floors of the Platinum Tower in Tel Aviv for NIS 66 million. The building is on Fourth Street, when it comes to the 4th, 15th and 16th floors of the tower. The total area is 2,605 square meters. The deal includes 59 parking spaces. The three floors are joined by five other floors previously purchased by this fund in this tower. Among the tenants on the floors are Mercantile Bank and hedge fund.

In addition, the foundation purchased a neighborhood commercial center at the intersection of Hazon Ish and Jacob Landa streets in Bnei Brak for NIS 85 million. Its area stands at about 4,000 and includes 53 parking spaces. Among the renters are the International Bank, United Fund and New Pharm.

The company statement said that the two properties purchased are leased at 100% occupancy for 12 renters for one to seven years. It has also been reported that some tenants have an option to extend the lease agreements for periods of up to six additional years.

"In the Company's estimation, the projected annual NOI of the assets, at the date of the transaction, will be approximately NIS 10.45 million, representing an average rate of return of approximately 6.92%," the fund statement said.