The US company has bought Beit Amudim and four buildings slated for preservation in Nahalat Binyamin for $50 million.
US investment company Berggruen Holdings is buying up properties in the heart of Tel Aviv. Yesterday, the company completed the purchase of properties in the Nahalat Binyamin area from the Redland and Faberton Ltd. for $50 million.
Berggruen Holdings bought Beit Amudim, which occupies a 2.5-dunam (0.5-acre) lot at 12-16 Rambam St., and four buildings slated for preservation at 15 and 18 Rambam St. 44 Hatavor St., and at 7 Nahalat Binyamin St.
Redland, a company jointly owned Ruth Speiser and her husband, Shlomo Lehi, began buyding the properties in 1991. Speiser had planned to convert Nahalat Binyamin into a “French quarter”, with luxury hotels, designer stores and underground parking, but Redland became insolvent and the banks appointed a receiver for the company.
Published by Globes [online], Israel business news - www.globes.co.il - on July 16, 2007
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