Globes, Eric Mirowski, 12.01.2020
Clal Insurance and Finance reported that it joins Allied Real Estate to purchase the lot it operated for years at Oded Moses' Garpolit printing press, at 15 Grave Street in Tel Aviv. The company will invest about NIS 150 million in the deal, about half the cost of buying the property by Alade two months ago and will focus on establishing a tower for employment there.
This is a 4.5-acre lot, which as part of a new city building plan that promotes the Tel Aviv municipality will be part of the "GRA-Railway" complex, which is close to Menachem Begin Road, and at the intersection of Bnei Brak, the train, the GRA and Salomon. Five buildings are planned for the entire complex for residential, commercial, employment and public uses. In the purchased lot, called Bnei Brak, named for the street, two towers will be erected - one residential and the other for employment, up to 34 stories high.
Clal Insurance And Finances joins Allied Real Estate only for the establishment of the Employment Tower, which Allied will hold and included in equal rights partnership. The Employment Tower includes construction rights to approximately 28,000 sq.m. for offices and employment and approximately 900 sq.m. for commerce. The project will be managed and built by Allied Real Estate. It will be clarified that the rights to the residential tower remain wholly owned by Allied Real Estate.
The current deal joins a series of other real estate deals that Clal Group has recently undertaken, including the purchase of an industrial building from the Fortissimo Foundation, which is used by Tottenower in the wet industrial area (Sale & Leaseback, Givatayim, Khorazin investment of $ 350 million in residential project) And trading.) This project also includes the Merman plant and Orocom strategies.
Yossi Dori, Deputy CEO and Director of the Investment and General Division of Insurance and Finance, said: "We are delighted and welcome to partner with Allied Real Estate in this significant transaction. This is another real estate transaction in the area that is bustling with activity and commerce, in the hub of the Tel Aviv city that will serve as a business area. And living together as well. The Group's investment strategy focuses, among other things, on the aggregation and acquisition of high-quality cash and cash equivalents, and we expect that joining this high-yield real estate acquisition deal will yield risk-adjusted returns in peer and nostrum portfolios. "
Clal Insurance and Finance will be represented in the deal by lawyers Anat Molcho, Jonathan Tisuna and Mikey Yavin from Amit Polk Matalon law firm. Allied Real Estate was represented in the bargain by lawyers Ohad Zalewski, Elad Cohen and Moran Baruch of the law firm Zalewski & Co.