Sources inform ''Globes'' that Yitzhak Tshuva's Elad Israel Residence Ltd. has signed an agreement to sell its 50% stake in the Bezalel Market project in central Tel Aviv to Carasso Real Estate Ltd. for NIS 55 million. The agreement is subject to approval by the landowner, the Tel Aviv-Jaffa Municipality, which is due to approve it Monday evening.
The Bezalel Market project will include 153 apartments and 2,200 square meters of commercial space on a 16-dunam (four-acre) site between King George Street, Bezalel Street, Bethlehem Street, and Tchernichovsky Street. The project will also have a 640-space underground parking garage, including 200 spaces for the public. The plan was recently approved, after years of objections and changes, and the earthworks have begun. Bank Leumi (TASE: LUMI) is financing the project.
In 2010, Elad Israel Residence sold half of the project to ZMH Hammerman Ltd. (TASE:ZMH) for NIS 50 million, and it put the rest of its rights up for sale a year ago. According to ZMH, 50 of the project's 153 apartments have been sold.
Published by Globes [online], Israel business news - www.globes-online.com - on August 5, 2013
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