BSR Engineering & Planning is organizing three investor groups to purchase three plots for office and high tech buildings in Tel Aviv, Ramat Gan, and Bnei Brak. Investment for acquiring the three plots will total approximately $90 million. The transactions will be the largest of their kind in recent years.
The group headed by BSR and Solel Boneh is about to purchase two plots in Ramat Gan and Bnei Brak from the Yerushalmi family for about $35 million in cash. The two plots are located on opposite sides of the Ben Gurion-Abba Hillel Streets intersection. One is an ice skating rink in the Ramat Gan municipal area, while the other is the Betili site under the Bnei Brak jurisidiction.
The group will construct two towers on the plots on a total area of 50,000 sq.m: a 29-storey tower on the Betili site, which will be the larger of the two, and a 26-storey tower on the ice-skating rink site.
BSR is also organizing a group to buy all the offices and shops in advance at a 20% discount on the market price.
At the same time, BSR has renewed negotiations to buy two Fiat plots with a total area of 16 dunam (four acres) in Ramat Hahayal in Tel Aviv. BSR, backed by a group, is offering about $34 million for the plots at $2.1 million per dunam ($8.4 million per acre). The sites are designated for 35,000 sq.m. of office and high tech construction, and the municipality may approve enlarged building rights.
BSR and Uri Dori are negotiating to acquire an 11-dunam (2.75-acre) plot at 4 Nehoshet Street in Ramat Hahayal from the Orbach family and Deco Investments, owned by the Industrial Development Bank. The site is designated for construction of 23,000 sq.m. of offices and high tech space.
BSR is owned by Kalman Sofrin and Nachson Kiviti. Gibor Sport recently acquired 15% of the company, which has decided to deepen its investments in offices and high tech, after a survey showed that almost all buildings in this category on the market have already been sold, indicating an upcoming shortage.
Published by Israel's Business Arena on November 14, 2000