Construction of the Sarona Tower will begin in September.
Kardan NV (TASE: KRNV;AEX:KARD) unit El-Har Engineering and Construction Ltd. will build the shell of an office tower and parking garage in the Sarona compound for Azrieli Group Ltd. (TASE: AZRG) under a NIS 215 million contract. The Sarona compound is in the south part of the Kirya in Tel Aviv near the Azrieli Towers.
The 120,000-square meter Sarona project includes three commercial floors topped by 54 office floors. El-Har will build the tower in 26 months, starting in September. In May 2011, Azrieli won the tender for the nine-dunam (2.25-acre) lot, for NIS 522 million. Shortly afterwards, it bought two properties just north of the Azrieli Towers: the Clalit Health Services lot for NIS 240 million, and, in 2013, the Yediot Ahronot building, for NIS 374 million. It plans to build the fourth Azrieli Tower on the site.
Published by Globes [online], Israel business news - www.globes-online.com - on February 13, 2014
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