Eurocom selling Israel's tallest building lot in Givatayaim

Migdal HaShachar Givatayim

Elovitchs company is in talks to sell the lot for NIS 300 million to Tidhar, which wants to bring in an institutional partner.

Eurocom Real Estate, owned by Shaul Elovitch, is negotiating the sale of a property in western Givatayim for NIS 300 million, sources informe Globes. The lot has building rights for the construction of a 72-story office tower with 84,000 sq. m. of space. This would be Israel's tallest building, beating Moshe Aviv Tower in Ramat Gan, which has 68-floors.

Eurocom Real Estate is in talks with Tidhar owned by Gil Geva and Arye Bachar which is expected to bring in an institutional player as a partner in the deal. The property is known as lot one and is located in the city complex on the border of Givatayim and Tel Aviv, near the Elite Junction, where Eurocom holds additional lots.

Eurocom Real Estate and Tidhar declined to comment.

Givatayim on sale

In recent years, Eurocom Real Estate has been actualizing many of its lots in the city, and Tidhar was partner to several such projects. In the aforementioned complex, the pair along with the Sufrin Group has been building the Ha'Shachar Tower, which offers 54 floors of mixed office and residential areas, 20 of which were acquired by Clal Insurance.

The lot was originally owned by Eurocom Real Estate and food giant Strauss, which sold its share to Tidhar and Sufrin. The project, including the cost of the land, is valued at more than a billion shekels. Tidhar and Sufrin are also building a residential complex nearby, on land acquired by Eurocom Real Estate for NIS 120 million. The project will house 136 apartments in two 12-story buildings at a total investment of NIS 300 million.

Two years ago, Eurocom Real Estate sold HaMakhtesh Stadium to a group organized by BSR, controlled by Nachshon Kivity. Tidhar is building two residential towers on the property for BSR.

Published by Globes [online], Israel business news - www.globes-online.com - on December 18, 2015

Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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Migdal HaShachar Givatayim
Migdal HaShachar Givatayim
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