Reality Fund sold it for NIS 33 million, having bought it in 2011 for NIS 22.6 million.
Reality Fund has sold the building at 33 Rothschild Boulevard in Tel Aviv for NIS 33 million top a French Jewish developer who is a foreign resident. The fund bought the property in 2011 from Mercantile Discount Bank for NIS 22.6 million a pre-tax profit of nearly NIS 10 million in just three years.
The building is on a 600 square meter lot at 24 Rothschild Boulevard at the corner of Nahlat Binyamin Street. The building itself has 900 square meters of space and unlike many of the other building in the area it is not slated for preservation.
The building is zoned for offices and commerce and has construction rights for an additional 2,000 square meters. The building is leased to high tech companies and a pub for NIS 1 million annually. The leases have 18 months to run with an option for an extension.
Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014
24 Rothschild Boulevard