Today, after a long period of rumors, Azrieli Group Ltd. (TASE: AZRG) announced its first retirement community deal. The group bought land for construction of a retirement community in Modi'in for NIS 51 million. Up till now, Azrieli has been a prominent player in the offices and commercial real estate market.
Azrieli bought the land from Diyur Mugan Modi'in, owned by developer Israel Levy, who bought the site in 2007 from the Israel Land Authority for NIS 14 million including development costs. The 11.5 dunam (2.9 acre) plot is near the northern exit from Modi'in.
Azrieli will build a 35,000 square meter building containing close to 240 retirement housing units, and 60 further units with full medical supervision and two nursing care wards. The construction cost is estimated at NIS 215 million, and occupation is expected by late 2016.
Azriel Group says that it intends to become "a leading player in retirement communities".
Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2014
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