Tidhar Construction, Acro Real Estate, and Israel Canada have purchased land in Herzliya Pituah for NIS 200 million. The 10.3-dunam (2.575-acre) lot was sold by a group of Canadian heirs. Each of the companies will have a 30% stake in the project, and another partner will own 10% of the rights.
Located opposite Cinema City on the western side of the coastal road in the Herzliya Pituah industrial zone, the land is zoned for an offices and commercial real estate project.
The construction rights in the land allow construction of a seven-storey project with 40,259 square meters of space above ground, including 27,162 square meters of main space for business, 3,032 square meters of main space for commerce, and 10,065 square meters of service space, in addition to rights to a 40,437 square meters underground parking lot.
The companies plan to build the project on the land, and to rent it out. Among other things, the allocation of space for construction of a development center for Microsoft, which is already operating in the Herzliya industrial zone and is looking for another site, is under consideration.
The companies are also considering construction of a project designated for sale, whether as individual units or as a whole, or through a combination deal. Alternatively, a buyers' group could be organized.
The companies believe that they can complete the project in four years, and that the total investment in it will total NIS 520 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 8, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016