IKEA will pay Nissan Hakshouri rent of $8 per sq.m. per month.
Swedish furniture company IKEA signed a 20-year lease for $45 million to rent a store in South Netanya. Approximately 50,000 people visited the store on its opening day, causing traffic jams, and long lines.
The building is owned by the Khakshuri group, which is also the principle shareholder in the Dirom real estate company. Under the terms of the lease, IKEA will pay Nissan Hakshouri rent of $8 per sq.m. per month. The contract also allows IKEA to use the adjacent 1,200-space public parking lot.
The Hakshouri group owns the building through its subsidiary Beit Even. Dirom is currently building 180 luxury apartments in north Tel Aviv, in partnership with Avi Arenson. The company is also building other projects in Tel Aviv and offices in Ra'anana, and recently began operating in Poland.
Published by Israel's Business Arena on 9 April 2001