Israel Canada buys Leumi Tel Aviv HQ

Barak Rosen and Assaf Tuchmeir Photo: Eyal Izhar

The Israeli real estate developer plans building a 40-floor high-rise on the site in central Tel Aviv.

Acro Real Estate announced today that it has signed an agreement with Israel Canada TR Ltd. (TASE: ISCN), controlled by CEO Barak Rosen, chairman Asaf Tuchmair, and Avraham Ben David Ohayon, to sell its 50% stake in Bank Leumi's main branch at the corner of Yehuda Halevy and Herzl Streets in Tel Aviv.

Acro and Israel Canada bought the building together in 2017 for NIS 277 million in an auction organized by Bank Leumi. Israel Canada is now paying NIS 220 million for Acro's stake reflecting an overall value of NIS 440 million for the building.

Bank Leumi established its headquarters on the site back in the mid-1930s well before the establishment of Israel. The five-floor building contains 6,800 square meters of office space on a lot extending over 1,600 square meters. Since buying the land in 2017, the two companies have been working towards the departure of Bank Leumi and enhancing the value of the asset by building a 40-floor high-rise with 38,000 square meters of space, of which 24,000 square meters will be for commerce, offices or hotels, 11,000 square meters for 102 apartments, and 3,500 square meters for public spaces, which the developer will build for the municipality.

Published by Globes, Israel business news - - on December 31, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Barak Rosen and Assaf Tuchmeir Photo: Eyal Izhar
Barak Rosen and Assaf Tuchmeir Photo: Eyal Izhar
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