The land is next door to the company's building which houses its executives.
Strauss Group Ltd. (TASE:STRS) has bought a three-dunam (0.75-acre) lot on Hasibim Street in the Yannai industrial park in Petah Tikva for NIS 100.7 million. The food company plans to build offices and commercial space for its own use on the site.
The purchase follows an earlier deal in late 2007, when Strauss bought the office building next door on the same street for $18.5 million. The building serves as the company headquarters, which were transferred from Elite House on Jabotinsky Street in Ramat Gan.
Strauss will invest NIS 30-40 million to build the new structure, which is scheduled to be completed in 2013. The lot has building rights for 10,000 square meters of office space and 2,500 square meters of commercial space.
Published by Globes [online], Israel business news - www.globes-online.com - on January 25, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011