Globes, Eric Mirowski, 09.02.2020

Manrav Projects Company The exchange reported that it had entered into a combination deal with private landowners on a 4.9-acre lot located between Abrahams, Ben-Gurion and Masada streets in Netanya.

A 117-apartment project can be set up on the lot. There are buildings that their owners have undertaken to evacuate within two years, and if they do not, the agreement will be canceled.

The company said the combination will be 37.5% of the housing units the company will build on the project, which is the equivalent of 44 apartments. In relation to half of them, Manrav will provide construction services to landowners, in accordance with the consideration agreed upon between the parties.

The expected cost of investment in construction will reach Manrav's estimate of NIS 152 million excluding VAT, and the amount of revenue is expected to reach NIS 168 million, excluding VAT.