Canadian billionaire in talks to buy Motza land near Jerusalem

Sources inform "Globes" that Canadian Jewish billionaire Hershey Friedman is in talks to buy the Motza Arza complex near Jerusalem from Ofer Nimrodi's Israel Land Development Company (TASE: ILDC) (50%0, the Khakshouri family (25%) and Avi Arenson (25%) for NIS 155 million.

The 54 dunam (14.5 acre) plot is most famous because Theodore Herzl on his only visit to Jerusalem planted a tree there in 1898.

The ultra-orthodox Canadian already owns a range of projects around Israel including the luxury Beerei Naharda project in Tel Aviv. He also owns many projects across North America.

The Motza land is designated for 218 garden apartments of 150 square meters. Sales potential is believed to be NIS 650-700 million with each housing unit selling for about NIS 3 million. Each plot is worth about NIS 711,000.

Ezra Khakshouri told "Globes" that he does not comment on deal before they are signed but said, "We have gone for over 15 years with this land and overcome many protests until we succeeded in changing the urban plan from hotels to houses." He added that the negotiations revolved around a reasonable price for any contractor.

Published by Globes, Israel business news - www.globes-online.com - on September 20, 2010

Canadian billionaire in talks to buy Motza land near Jerusalem

Hershey Friedman wants to buy Arza where Herzl planted a tree from Ofer Nimrodi, the Khakshouri family and Avi Arenson.