Israeli income-producing property company Azrieli Group (TASE: AZRG) has begun construction of the SolarEdge Technologies (Nasdaq: SEDG) at Glilot North in Ramat Hasharon at an investment of NIS 860 million.
The cornerstone laying ceremony was held earlier this week attended by Ramat Hasharon Mayor Avi Gruber, Azrieli Group chairman Danna Azrieli and CEO Eyal Henkin and SolarEdge CEO Zvi Lando as well as the project's architects Roy Secker and Ido Zamir from Skorka Architects.
The new campus covering 16.5 dunams (4.125 acres) will include offices and R&D facilities covering 38,000 square meters and should be ready to be occupied in the first quarter of 2025.
There will be a square on the campus named for the late founder and CEO of SolarEdge Guy Sella. Founded in 2006, the photovoltaics company provides power optimizers, solar inverters and monitoring systems for photovoltaic arrays. SolarEdge is Israel's second most valuable company with a market cap of $17.65 billion.
SolarEdge has signed a 15 year lease with Azrieli, with an option to extend the lease until 24 years and 11 months. The agreement will yield annual NOI of NIS 62 million for Azrieli.
Published by Globes, Israel business news - en.globes.co.il - on April 7, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.