Bayside Land to build Hebrew U high-tech campus

Hebrew University Givat Ram campus Photo: PR

The company's share of the annual projected revenue is estimated at NIS 113 million.

The Hebrew University of Jerusalem tenders committee announced today that Bayside Land Corp. Ltd.(Gav Yam) (TASE: BYSD1) had won the tender published by the university for building and operating a business park for knowledge-intensive industry on the western side of Hebrew University's Givat Ram campus in Jerusalem.

The agreement between Bayside Land and the university will be a combination deal in which the company will buy the subletting rights in the land from the university until 2067 in return for construction services. The company estimates the cost of the project at NIS 1.4 billion. The company's share of the projected revenue is estimated at NIS 113 million annually, once the project is completed and fully occupied.

There will be two stages in the project. The completion date for the first stage, which will include the construction of three buildings with a total of 127,000 square meters, is 36 months from the date on which the building permit is received. The second stage is based on exercising of construction rights under a new urban building plan initiated and promoted by Bayside Land. The aim is to build a 30-storey, 140,000-square meter tower with offices, commerce, and other uses.

Published by Globes, Israel business news - en.globes.co.il - on September 24, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Hebrew University Givat Ram campus Photo: PR
Hebrew University Givat Ram campus Photo: PR
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