Palace Medical is on the Weizmann compound, adjacent to Tel Aviv Sourasky Medical Center (Ichilov Hospital).
Personnel agency Danel and Palace America Inc. last week completed their medical nursing center, Palace Medical. The center is located on the Weizmann compound in Tel Aviv, adjacent to Tel Aviv Sourasky Medical Center (Ichilov Hospital).
Palace Medical has four floors with 134 beds in 72 rooms in four wards. The medical center will mainly treat patients needing nursing care, suffering from mental exhaustion, and recovering from surgery.
Danel and Palace America bought the Weizmann compound, including both the medical center and an 11-storey assisted living facility from Ocif Investments and Development (TASE: OCIF) in July 2001 for $100 million. The purchase was financed with $22 million from the partners' equity, by a $62 million non-recourse loan from First International Bank of Israel (TASE: FTIN1;FTIN5), and a $11 million loan from Bank Hapoalim (LSE: BKHD; TASE: POLI).
Published by Globes [online], Israel business news - www.globes.co.il - on January 16, 2005