Sources inform ''Globes'' that Tnuva Food Industries Ltd. has put up for sale its rights to the Beersheva wholesale market. The company has rights to half of the 17-dunam (4.25-acre) site, which has approved building rights for 44,000 square meters of office and residential space and 6,600 square meters of commercial space. In other words, Tnuva is selling all its rights to a lot zoned for 22,000 square meters of office and residential space and 3,300 square meters of commercial space.
Private wholesalers own the other half of the lot, but the approved Urban Building Plan allows the exercise of Tnuva's building rights and construction independently, irrespective of the wholesalers' rights to the other half of the site. The site is currently occupied by old buildings leased freehold to various tenants.
Real estate market sources estimate the value of the total rights to the wholesale market at around NIS 40 million, which give Tnuva's rights a value of NIS 20 million.
Putting the property up for sale is part of Tnuva's strategy to focus on its core businesses and sell properties that it does not use for operations. In late 2012, the company sold the site once occupied by its dairy in Haifa for NIS 26 million. In June 2011, it sold the dairy lot near the Azrieli Towers in Tel Aviv for NIS 565 million, and a lot in the Rehovot industrial zone for NIS 22 million. In 2010, together with the Tel Aviv-Jaffa Municipality and traders, it sold the first stage of the Tel Aviv wholesale market site for NIS 950 million plus proceeds from the sale of apartments.
Tnuva currently owns rights to the construction of residential and office high-rises in the second stage of the Tel Aviv wholesale market project. It also owns rights to the Zerifin wholesale market, and refrigeration buildings and warehouses at the Har Tov industrial zone near Shaar Hagai.
Published by Globes [online], Israel business news - www.globes-online.com - on August 19, 2013
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