The company will invest $25-28 million in the construction of high-tech buildings.
Ravad has purchased a 10.78 dunam (2.7 acres) plot in Kiryat Etgarim in the Ra’anana industrial zone from twelve private farmers. The company will pay $6.15 million, based on $570,000 per dunam. One of the sellers converted his share in the deal, which was brokered by Tsameret Aviv, owned by Shraga Fried, to a 38% cash deal.
Ravad will construct high-tech and office buildings on the plot, adjacent to the planned Comverse building. The current town planning scheme permits 150% construction of the main area and another 30% service area, for an overall 19,400 sq.m. The municipality is likely to approve extending the building percentage to 220%, enabling construction of 23,700 sq.m. The company will also build covered parking lots. The investment, including the parking lots, but excluding the land, is estimated at $28-35 million, contingent on the building permit.
Ravad, controlled by Avi Green, recently completed construction and marketing of the Platinum House office block on Ha’arba Street, in Tel Aviv’s Hakirya area.
Published by Israel's Business Arena on 3 December, 2000