Last Monday, (June 30), Jewish-Swedish businessman Robert Wail purchased Pagoda House in King Albert Square, Nahmani Street, corner of Motefiore Street, Tel-Aviv. Wail paid the seller, contractor and developer Reuven Peled, $5.2 million. Peled will renovate the building, as contractor, at an investment of $1.5 million, to be financed by the Swedish investor. The building will become a design centre and will be Wail’s residence.
Wail, who purchased Pagoda House through the Proventos Pagoda company owned by him, is a 55% shareholder in the Zannex services and finances group. His partners are IDB and General Bank. Wail is represented in Israel by Adv. Avraham (Rami) Goren. Wail frequently visits Israel and this is, as far as in known, his first real estate investment in Israel.
Wail is one of Sweden’s best-known businessmen. He was one of the controlling shareholders in Puma, the international sports equipment company, in which he recently sold most of his shares to Arnon Milchan.
Wail plans to open a design centre and a cultural centre in Pagoda House. The upper floors will be converted into two penthouses for Wail and his family.
Pagoda House was built in the ‘twenties by the US investor, Bloch, in American southern mansion style, embellished by Oriental and Jewish features. The house later fell into years of neglect.