The agreement is the first of its kind between two leading companies in Israel’s real estate sector.
Real estate companies Nitsba Properties and Ganden have recently concluded a cooperation agreement. Under the agreement, the two companies will cooperate in income producing properties, and later in residential project as well. The agreement also covers overseas deals.
The agreement stipulates that the two companies will jointly purchase plots zoned for the construction of offices and malls. Each company may also offer to buy the other stakes in currently owned income producing properties.
The agreement is the first of its kind between two leading companies in Israel’s real estate sector. Egged bus cooperative members and pensioners own 75% of Nitsba, with the rest held by Ashtrom, Granite Hacarmel and Gmul. Ganden is controlled by the family of Nochi Dankner.
The first joint deal will be made soon, when Nitsba will buy 50% of Ganden's power center under construction in Netanya for $25 million.
Published by Globes [online] - www.globes.co.il - on June 27, 2002