The Moshe and Yigal Gindi construction company signed a contract on Thursday to acquire a land tract from Dankner for the construction on 328 apartments in Kiryat Rabin in southern Holon. Gindi will pay $18.68 million, which is $57,500 for land per apartment. Dankner's initial price was $59,000 for land per apartment and Gindi's initial offer was $55,000.
In practice, the price will be lower; the contract includes a 50-apartment building under construction, 20 apartments of which have already been sold. The occupants owe an average of $130,000 per apartment (the rest has already been paid to Dankner), and according to the contract, these payments, some $2.75 million, will go to Gindi.
"Globes" has learned that several large companies last week offered to purchase the tract from Gindi in a 42%-45% deal, after news of the transaction appeared in "Globes". If this type of transaction takes place, Gindi will receive a percentage share of the apartments, and apparently will also be a partner in planning and marketing.
Every purchaser of an apartment in the Gindi project will receive a free membership in one of Israel's largest health and fitness clubs, which Gindi is to construct in the Golden shopping mall in Rishon Lezion, located several hundred meters from Kiryat Rabin. Purchasers will also receive a membership card in the Golden mall, entitling them to a discount of up to 20% on purchases in the mall.
Published by Israel's Business Arena on 14 October, 1999
Canadel to Acquire Shaulian, Cohen in Bnei Brak for $15 million
Elazar Levin
Canadel is about to purchase the 42% share of the Shaulian family and the Cohen brothers in the large Dan Center commercial and office project, to be constructed on Ben Gurion Street in Bnei Brak. Canadel will pay $15 million in cash and the sellers will retain a small share of the project.
At the same time, Discount Bank will increase its financial coverage of the project from $25 million to $85 million.
The contracts between Canadel and Shaulian-Cohen and Discount are a pre-condition for the deal, under which Canadel will acquire the share of Givat Marom in the project for $13 million. After the contracts with Shaulian-Cohen and Discount are signed, the contract between Canadel and Givat Marom will come into effect, and Canadel will become the sole owner of the project.
Canadel is owned in equal shares by Robert Rubinstein of Canada and Eli Azar. Infrastructure company Cementkal, controlled by Benny Kotik, which built the tower's foundations, is likely to become a partner in the project, but Canadel will apparently have control. The office tower will have 36 floors and 900 sq,m. per floor, and will be constructed over a shopping center of 15,000 sq.m.
Published by Israel's Business Arena on 17 October, 1999