Herzliya lot for business park sold for NIS 380m

Itzik Tshuva

The 1.825-acre site is close to the coastal road opposite a Paz filling station.

A group of developers consisting of Itzik Tshuva, Prashkovsky Investments and Construction, Trigo Investments and Real Estate Group, and Multiland (controlled by Moshe Kattan) will buy land in Herzliya Pituah for NIS 380 million. The land, which is zoned for construction of a business park, was sold in the framework of a liquidation proceeding for a partnership between the landowners, following a pricing procedure earlier today won by the purchasers.

The 7.3-dunam (1.825-acre) site is close to the coastal road opposite a Paz filling station. Construction rights in the land consist of 46,000 square meters of office and commercial space in a building of up to 11 floors and an underground parking lot. The land is shared by over 100 private landowners and large real estate partnerships.

In November 2017, a minority group containing Tidhar, Acro Real Estate, and Israel Canada, together with a number of private landowners,which aggregately held 25% of the land ownership, petitioned for liquidation of the partnership with the other owners. This group also participated in the pricing procedure, but its bid was lower than the winning bid.

"Globes" revealed last February that Tel Aviv Magistrates Court Judge Carmela Haft had granted the petition and had appointed Adv. Ran Braz as receiver for selling the lot.

Since the winning group already reached agreement with private owners holding 45% of the land rights before the pricing, it will have to pay NIS 210 million to the owners of the other 55%.

The winning group and the private landowners were represented by Adv. Joseph Guy Mosseri, and by Adv. Yossi Klein and Adv. Dana Stier from the Hartavi, Bornstein, Basson & Co. lawfirm.

Receiver Ron Braz, who is from the Levy Tyller, Nardia, Har-Zvi, Braz & Co. law firm, said, "The pricing was impeccable. All of the groups that took part in the proceeding are worthy of praise. We will soon bring the deal, which in our opinion gives the holders of right a great deal of real value, to the court for approval."

Published by Globes, Israel business news - en.globes.co.il - on July 17, 2019

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

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