Gindi Holdings wins large Tel Aviv project tender

Gindi Holdings Initiatives 2009 Ltd. has won the much-hyped South Kirya tender in Tel Aviv with a bid of NIS 436.6 million, not including NIS 21 million in VAT and betterment costs. The South Kirya calls for the construction of 324 apartments and office and commercial space in three high-rises.

Gindi Holdings offered the highest price for each high-rise. For the first high-rise, the company outbid Segel Shalhevet, which bid NIS 134 million; in the second high-rise, the company outbid Agam Real Estate Consultants, owned by Jackie Suissa and Motti Peled, which bid NIS 156 million; and in the third high-rise, the company outbid BVB Madaf 4, which bid NIS 133 million.

The three separate bids totaled NIS 423 million altogether; less than Gindi Holdings' bid of NIS 436.6 million for all three properties.

Published by Globes [online], Israel business news - www.globes-online.com - on September 14, 2009

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