Ispro claims 10,000 sq.m. is being built illegally, hurting its commercial center in Modi'in.
Ispro - The Israel Properties Rental Corp. Ltd. (TASE:IPRO), a subsidiary of Ganden-Property and Building (TASE:PTBL), is demanding that the Israel Land Administration (ILA) and the Lodim Local Planning and Building Committee halt the construction of commercial space at Shilat Junction, near Modi'in. Ispro claims that the construction is illegal, since the land is zoned for agriculture, and harms its 20,000-sq.m. Ispro Center in Modi'in.
Ispro claims that ILA representatives told the company that they were acting against the illegal construction and were filing criminal charges. So far as is known, the developers applied to the Town Planning and Building for approval of exceptional use of the land. Ispro says the Supreme Court recently ruled in the BiG Commercial Centers' project in Eilat that approval exceptional use could not be utilized to approve entire commercial projects.
Ispro has leased 12,000 sq.m. in the Ispro Center in Modi'in to date, through Atia Assets and Investments. The largest tenant is Clubmarket Marketing Chains Ltd. Jumbo brand store, which rented 4,000 sq.m. at $13 per sq.m. per month, index-linked, in a long-term lease, including options.
Published by Globes [online] - www.globes.co.il - on October 31, 2004