Sources inform ''Globes'' that Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) has sold Eliavzon House at 7 Rothschild St., Tel Aviv, to the French Embassy for $4 million.
Africa-Israel recently invested $1.5 million in renovations and preserving the building. The building stands on a lot on which Africa-Israel and Migdal Insurance (TASE: MGDL) built their headquarters. Built in 1909, the 1,700-sq.m. Eliavzon House has four floors; three office floors above a commercial floor.
The French Embassy bought the property for its cultural department. The Embassy said, “The Embassy plans to consolidate its four cultural departments, currently scattered across the country, on Hayarkon St. in Tel Aviv, and in Haifa, Nazareth, and Beersheva.
Eliazvon House will also serve the Institut Francais, which will conduct French-language courses on various subjects, including French-Israeli relations. The Institut Francais will also hold conferences and events in the building’s main hall.
The French Embassy has leased 140 sq.m. on Eliazvon House’s first floor to a well-known Parisian café chain Shalom Cafe. A French-style shop will also sell French newspapers and souvenirs.
The Embassy said it decided to buy Eliazvon House as part of long-term commitment to Israel.
The parties in the transaction were represented by Investim, owned by Yaron Shahaf and David Weinreb. Shahaf is a land assessor who has specialized in real estate marketing for eight years. Weinreb, a graduate of the Technion - Israel Institute of Technology, managed Bank Hapoalim’s (LSE: BKHD; TASE: POLI) logistics, construction and property department for many years.
Published by Globes [online], Israel business news - www.globes.co.il - on March 9, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006