Isras Investment Co. (TASE: ISRS) has acquired the Neve Ilan Media and Communications Campus near Jerusalem from Reality Fund for NIS 298 million (NIS 255 million plus VAT).
The deal includes two agreements. The first is for the purchase of the campus for NIS 233 million, of which NIS 92 million will be paid on signing the agreement, and the balance when the deal is completed by the end of 2018. The campus comprises seven buildings totaling 22,000 square meters on 59,000 square meters of land almost all of its leased to media and high-tech companies. The best-known tenant is Neve Ilan Studios used by the Channel 2 news company.
The land has rights for the construction of an additional 17,000 square meters of offices and 5,000 square meters for parking.
In the second part of the deal, Isras is buying 21,000 square meters of land to the south of the existing campus for NIS 22 million on which 7,800 square meters can be built, mainly of hotels and leisure facilities. NIS 8 million is being paid upon signing of the deal by Isras and the rest when the deal is completed before the end of the year.
Isras will finance the deal from its own sources.
Published by Globes, Israel business news - en.globes.co.il - on November 26, 2018
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