May 11, 2021

Azrieli to build, lease SolarEdge campus

Globes, Guy Nardi, 11.05.2021

Azrieli Group Ltd. (TASE: AZRG) and SolarEdge Technologies (Nasdaq: SEDG) have announced the signing of an agreement in which Azrieli will build the Israeli solar energy company's new campus on a 6.5 acre site in Glilot North, at an investment of NIS 860 million. The location, in Ramat Hasharon north of Tel Aviv, is on the eastern side of the coastal highway (Road 2).

SolarEdge, which provides power optimizers, solar inverters and monitoring systems for photovoltaic arrays, has signed a 15 year lease with Azrieli, with an option to extend the lease until 24 years and 11 months. The agreement will yield annual NOI of NIS 62 million for Azrieli, which is expected to hand over the project in 2025. The project is being planned jointly with SolarEdge.

The SolarEdge campus will cover 4.125 acres of the site with 38,000 square meters of space in the building and 950 parking spaces. On the remaining 2.375 acres of the Glilot site, Azrieli will develop more office and commercial space. The plane is being designed by Azrieli and Skorka Architects.

SolarEdge's share price is down 5.32% in premarket trading on Nasdaq at $202, giving a market cap of $11.089 billion.

Published by Globes, Israel business news - en.globes.co.il - on May 11, 2021