Africa-Israel, Minrav begin building Tel Aviv Gov�t Complex parking lot

Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) and Minrav Holdings Ltd. (TASE: MNRV) have begun construction of an additional 1,000-space underground parking garage for the 43-storey 74,000-sq.m. Government Complex building at the corner of Kaplan St. and Menachem Begin St. in Tel Aviv. The two companies will invest NIS 40 million in the project.

Construction of parking garage was brought forward, following the occupancy of the Government Complex, which has only 350 parking places, due to an especially strict building code. The building code took into account the future construction of mass-transit systems, including the Tel Aviv light railway, which runs next to the complex.

When they dedicated the building, Africa-Israel and Minrav said they would demolish the adjacent IDF building within two years, and build an underground parking garage on the site. They added that tenants of the Government Complex could use 600 parking spaces in adjacent lots during the interim period. They have brought this plan forward, under pressure from the building�s tenants.

Published by Globes [online], Israel business news - www.globes.co.il - on May 14, 2006