The company will also construct a shopping center at a cost of $7 million.
Avraham Rubinstein and Co. Building will spend $127 million on the construction of buildings for two assisted living facilities and a shopping center. The company has begun construction of a building with 200 apartments in the Mashtela neighborhood in northeast Tel Aviv, at a cost of $50 million. Construction began after the court dismissed a petition against the project by residents.
Rubinstein and Co. is also about to construct an assisted living facilities building with 300 apartments in Beit Hakerem in Jerusalem, at a cost of $70 million. The company will also construct a shopping center, some of which has already been leased, at a cost of $7 million. Rubinstein and Co. recently concluding a financial coverage agreement with the banks.
These deals are making Rubinstein and Co.l the leader in assisted living facilities. The company currently operates assisted living facilities in both western Rishon LeZion and Kibbutz Tel Yitzhak, with 350 apartments each.
Published by Globes [online] - www.globes.co.il - on April 25, 2004