YH Dimri Construction & Development Ltd. (TASE: DIMRI) has bought five historic buildings, some of them slated for preservation, on Nahalat Benyamin in south Tel Aviv for NIS 140.7 million.
The buildings have an aggregate space of 5,700 square meters, and are zoned for mixed residential and commercial use. The buildings are a three-story building slated for preservation with severe restrictions at 12-16 Rambam Street; a three-story building, known as the Lords House, slated for preservation with severe restrictions, across the street at 15 Rambam Street; a three-story building next door at 18 Rambam Street; a two-storey building at 7 Nahalat Benyamin Street; a single-storey building across the street at 6 Nahalat Benyamin Street; a three-story building next door, known as Beit Hadekel, slated for preservation with severe restrictions at 8 Nahalat Benyamin Street; and a single-storey building, which is not slated for preservation, at 44 Hatavor Street.
Dimri will finance part of the acquisition with a NIS 94.9 million loan from Bank Hapoalim (TASE: POLI). The 11-month loan bears prime plus 0.5% interest.
Berggruen Residential Ltd. (TASE:BRGN.B1) bought these and other properties on Nahalat Benyamin Street Redland and Faberton Ltd. for $50 million in 2007, and sold them to undisclosed buyers in 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on March 28, 2010
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