Amot sells Rothschild Blvd lot for NIS 63m

Rothschild 80 Photo: Eyal Izhar

The lot is zoned for a luxury residential project with 17 apartments.

Amot Investments Ltd. (TASE:AMOT), controlled by Nathan Hetz, is selling a lot on Rothschild Boulevard Tel Aviv to Canadian brothers Paul and Jeffrey Wynn for NIS 63 million.

The 832-square meter lot at 80 Rothschild Boulevard is zoned for construction of a luxury residential project with only 17 apartments. The company put it up for sale in November 2017 - its zoning for housing did not match Amot's core income-producing real estate business.

It is believed that the recently prevailing stagnation in the luxury housing market affected the length of time that Amot needed to make the sale. The building has an existing building permit promoted by Amot and designed by Bar Orian Architects providing for seven storeys, 17 apartments, and 2,240 square meters of built-up space, in addition to an underground parking lot.

The lot, located in the central part of Rothschild Boulevard between Nachmani Street and Mazeh Street, is in a good quiet residential area, while the beginning of Rothschild Boulevard is more crowded and noisier.

The current building on the lot, which is slated for demolishing, formerly housed Bank Massad, and before that the Sderot movie theater. Due to the strong demand for the lot, many real estate companies expressed interest in buying it. Last August, it was even reported that buying group organizer Amit Kazaz was forming a purchasing group to buy the lot for NIS 70 million, but the group and the purchase of the lot were not completed.

The Wynn family is a partner in Reality Investment Funds, which owns the Arena shopping mall in Herzliya and owns the Wynn Group, which operates in Canada in the US, specializing mainly in management and holding shopping centers and income-producing housing complexes. According to overseas reports, the group sold a portfolio of properties in recent weeks for nearly $1 billion.

It is believed that the Wynn family intends to build the Rothschild Boulevard project according to the existing permit, and to put the luxury apartments in it up for sale.

The representative of the Wynn family in Israel is Avishay Naamat, who manages the project at 80 Rothschild Boulevard. A source close to the buyers said that the Wynn brothers were planning on increasing their real estate investments in Israel, especially in Tel Aviv, and were currently considering additional deals.

Adv. Boaz Tavor from the Fischer Behar Chen Well Orion & Co. law firm represented Amot, while Advocates Benjamin Baratz and Sagit Shahmoon from the Pearl Cohen Zedek Latzer Baratz law firm represented the Wynn family.

Published by Globes [online], Israel business news - en.globes.co.il - on October 9, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Rothschild 80 Photo: Eyal Izhar
Rothschild 80 Photo: Eyal Izhar
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