Sources inform ''Globes'' that Africa-Israel Investments Ltd. (TASE:AFIL) has won the tender for the historic Beit Mapai building in downtown Jerusalem with a bid of NIS 175 million. The 3.5-dunam (0.975-acre) lot, known as Beit Mapai, is located along Raoul Wallenberg Street, between Jaffa Road and Haneviim Street.
Africa-Israel won the tender held by the receivers of bankrupt developer Sasson Levy. It outbid Minrav Holdings Ltd. (TASE: MNRV) and YH Dimri Construction & Development Ltd. (TASE: DIMRI). The minimum bid was set at NIS 140 million.
The Beit Mapai lot, which includes a building slated for preservation, occupied by Mercantile Discount Bank, has an approved urban building plan for the construction of a 24-story residential high-rise with 80 apartments, and a 4,000-square meter eight-floor office and commercial building. Total building rights are 43,000 square meters.
Africa-Israel will reportedly build a luxury project on the site, similar to the company's two projects nearby: the recently completed Rav Kook complex, which has 130 apartments; and the 100-unit Haneviim Courtyard project, which is under construction.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2014
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