January 12, 2020

Electra will set up an underground parking lot at the entrance to Jerusalem for NIS 320 million

The Marker, Eran Azran, 12.01.2020

Electra Ltd., which is part of the Elko Group controlled by the Zalkind family, won the tender for the construction of an underground car park on Shazar Street in Jerusalem, as part of the city's entrance project. The person who will execute the project, for NIS 320 million, is Electra Infrastructure, a subsidiary of Electra Ltd. The project is added to the backlog of Electra Group 's work, which totaled NIS 14.4 billion at the end of September.

Teachers the Jerusalem Development Company, which published the tender, reserves the option to order additional work at a cost of NIS 155 million, including maintenance work at a cost of NIS 80 million. In this case, the projected consideration for Electra for the project will amount to NIS 475 million.

The huge parking lot, the tunnel - and the traffic jams: That's what the entrance to Jerusalem will look like from today

The underground car park will contain 1,370 parking spaces, level separation and a pedestrian underground pass. Construction works will begin this month and are expected to be completed within 42 months. Furthermore, if Moriah exercises her option, the total parking maintenance period will last up to ten years from the date of construction.

This project is being added to other significant projects won by Electra Ltd. over the past year, through Electra Infrastructure and Electra Construction: infrastructure work for the 431 track for Israel Railways (NIS 385 million); construction work on the Tel Aviv Landmark Project (NIS 715 million);Expansion of the biological treatment facility in Nablus (NIS 605 million); Adding a lane on Route 20 as part of the Highways Project (NIS 430 million); Construction of the Amdocs campus in Raanana (NIS 330 million); and more.

Electra Ltd. , through its subsidiaries, operates in five segments: projects for buildings and infrastructure in Israel; projects for buildings and infrastructure abroad; Service and maintenance; Development and construction of real estate under development; and the franchise sector. The company concluded the first nine months of 2019 with a 15% increase in revenues to NIS 5.14 billion, and with an increase in profit from activities continuing to NIS 225 million.