They will invest $1.7 million in renovating the building at the corner of Ahad Ha'am and Sheinkin Sts. into luxury apartments.
A group of developers headed by Dan Herzog and Shlomo Ventura have bought a plot and three-storey Tel Aviv building from Bank Leumi (TASE:LUMI) for $1.7 million. Bank Leumi used to have a branch on the ground floor of the building, at 65 Ahad Ha'am St., at the corner of Sheinkin St. The group includes foreign investors, whose names were not disclosed.
The developers will keep the building's façade and spend another $1.7 million in renovations and adding two stories to build 15 luxury apartments. Bank Hapoalim (LSE:BKHD; TASE:POLI) will provide financial coverage.
Published by Globes [online] - www.globes.co.il - on November 9, 2003