Ashtrom and Magor sold sites to Ashdar, Damari Contractors and Engineers, Bonei Hatichon Civil Engineering and Infrastructures, Shimon Zarfati and two small contractors.
Six companies bought Ashdod's Blue Marina compound from Ashtrom and Magor for $32.5 million. This is the largest recent real estate deal. The compound is zoned for 760 apartments, reflecting a price of $43,000 per land per apartment. Four companies, Ashdar, Bonei Hatichon Civil Engineering and Infrastructures (TASE:BOTI), Damari Contractors and Engineers and Shimon Zarfati bought most of the land, as follows:
- Ashdar bought three plots, zoned for 255 apartments, in three 18-storey high-rises of 85 apartments each, for $11 million.
- Damari bought a plot zoned for 120 apartments in 7-storey high-rises, for $5.2 million.
- Bonei Hatichon bought a plot zoned for 120 apartments for $5.2 million. Construction is due to begin soon.
- Shimon Zarfati also bought a plot zoned for 120 apartments for $5.2 million.
- Yahad Habonim and another small company each bought one plot zoned for 30 apartments for $1.3 million.
Blue Marina, owned by Ashtrom (55%) and Magor (45%), bought the compound five years ago in an Israel Land Administration tender. Bank Hapoalim provided financial coverage. At least part of the proceeds from the sales are intended to repay the loan.
Published by Globes [online] - www.globes.co.il - on October 20, 2002