The Marker, Gili Melnitsky, 27.06.2021
The Zim-Bahari Group, a new merger in the real estate industry between the investment group of businessman Adi Zim and the construction company Beharim Real Estate, has completed a deal to purchase a 5-dunam plot on HaSolelim Street in Tel Aviv. The plot, located between Yigal Alon Street and Haskalah Boulevard in East Tel Aviv, was purchased at a value of NIS 165 million.
The land currently used for garages and parking lots was purchased from private owners with existing rights for 65,000 square meters in mixed uses for hotels, offices, commerce and even residential. The group intends to work to improve the building rights in the complex, through the transfer of rights (transfer of excess building rights that a certain property has, to another property), as well as the extraction of rights according to NAP 70 (proximity to the light rail stations).
The company estimates that it will be able to double the rights at least five times, and will be able to reach more than 400,000 square meters of mixed uses, similar to other towers rising in the area of Yigal Alon Street - and that after improving the rights, the land will be worth more than half a billion shekels.
Air conditioning under the radar
Zim and Hari Real Estate Partnership has been operating under the radar in recent months under the leadership of Adi Zim and contractor Yona Behari. Engage in entrepreneurship, construction and urban renewal. Behar Nadlan focuses on urban renewal, and manages projects for the construction of tens of thousands of housing units in areas of demand, including the Lev Ha'ir, Hadar Yosef and South Tel Aviv neighborhoods, the Milchen neighborhood in Rehovot, the evacuation-construction project in Tirat Carmel, the evacuation-construction project in Yavne, and activities In Ramla and Netanya.
In addition, the joint group is currently completing the purchase of a plot of land in the area of the district in Rishon Lezion. The area, measuring three dunams, connects to another deal made by a mountain company in the past. Upon completion of the purchase, the group will hold six acres at the entrance to the city. Zim Beharim Real Estate is promoting a plan for the entire area, in which rights to 30,000 square meters are intended to be realized for commerce, offices, hotels and residences. The project is being promoted by architect Gidi Bar-Orian, with the intention of creating an "architectural icon" at the entrance to the city.
Rishon Lezion. The company is trying to produce an "architectural icon" at the entrance to the city Photo: Ilan Asaig
Tower in Lod for NIS 34 million
The joint venture is currently making some significant land acquisitions, to expand its portfolio in available deals. Another recent acquisition is land for the construction of an apartment tower on Yoseftal Street in Lod for NIS 34 million, where 120 apartments will be built. The project will be an anchor point for a more significant eviction-construction deal that the company is initiating in the area, and will allow the apartment owners who choose to do so an eviction-construction deal.
"Urban renewal is a journey of years, and significant capital is needed to fund effective activities," Eyal Bahari said. "We were looking for a group with a vision and a desire to invest and make an impact in this burning field. But the connection is not just economic. It is a connection of values, and a belief that quality and reliable urban renewal can make a real difference in the lives of thousands of families."
According to Adi Zim, "In recent years, the Zim Investments Group has acquired dozens of residential projects in the field of urban renewal. Some have been promoted for more than ten years, and are very close to maturation. We were looking for a construction company with proven management and execution capabilities." ".
Zim is the controlling owner (60%) and the director of trade and customer credit at the non-bank credit financing company SR Accord, a company that he acquired as a stock exchange skeleton in 2014 and transferred NIS 30 million to expand the growing activity in the industry. At the end of 2019, he sold 10% of the company to Apex Israel for NIS 53 million. Zim currently has an interest (9%) in the Yaakobi Brothers Group and ISB Ltd., and more than a month ago granted a loan of NIS 5 million to Shamir Salads, and he also invests in various projects in the field of agricultural technologies and other fields.
Adi ZimPhoto: PR
For years, Zim and its brother Rani were partners in the almost free supermarket chain, which was sold nine years ago to Beitan Wines for NIS 350 million. The realization increased the personal bank account of each of the brothers by more than NIS 150 million.