Apple to lease huge office space in Haifa

Matam High Tech and Business Park Haifa

The US technology giant has agreed to lease the entire first stage of a new project by Bayside unit Matam.

Bayside Land Corp. Ltd.(Gav Yam) (TASE: BYSD1) is leasing 28,000 square meters to US technology giant Apple in Haifa. Announcing the deal, Bayside said, "On November 16, 2020, Bayside subsidiary Matam - Scientific Industries Center Haifa Ltd. signed a lease agreement with a leading international technology company for the lease of 28,000 square meters above ground and 620 underground parking spaces at the Matam High Tech and Business Park, Haifa." From "Globes'" enquiries it emerges that the technology company in question is Apple.

Bayside's announcement continues, "Under the agreement, the lessee will rent the entire area of the first stage of the new project currently under construction at the Matam Park - Matam Towers East - for seven years (with an extension option) for NIS 30 million a year. The lease period will begin when the first stage of the project is built. This is expected to happen in the third quarter of 2022."

Bayside has extensive income-producing real estate assets in Israel. 74% are leased as office space, 19% for logistics and industry, and the remainder for commerce.

In an interview with "Globes" two months ago, Bayside CEO Avi Jacobovitz described the coronavirus pandemic as no more than "a light blow" for the company. "Technology parks are the coming thing," he said. "We had a residential project at Ramat Hanasi in Haifa, and it was profitable, but we decided to exit from it and place all our focus on technology parks."

Bayside declined to comment on the identity of the lessee in the current agreement at Matam.

Published by Globes, Israel business news - en.globes.co.il - on November 17, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Matam High Tech and Business Park Haifa
Matam High Tech and Business Park Haifa
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