The Meshorer family, stakeholders in the Ashtrom Group, sold a 3,700-sq.m. property in Ramat HaSharon in September for NIS 80 million, sources inform "Globes".
The land parcel, located on 73-75 Sokolov Street, the main north-south street in the center of the city, has several homes scheduled for demolition. They will be replaced by a complex with 96 apartments and 2,000 sq. m. of commercial space.
The property was purchased by Menachem Oren, a real estate entrepreneur working in England for the past few years. Oren is the owner and CEO of Oranim Projects, which built the SEA1 project near Tel Aviv's Dolphinarium with Electra Real Estate.
Last year, Oranim and Electra sold the hotel area (230 rooms) and the commercial space in SEA1 to French hoteliers, the Amouyal family, for NIS 370 million.
Supply crisis
Ramat HaSharon is considered one of the most expensive cities in Israel's center. Four-room apartments in the city's popular neighborhoods sell for NIS 2 million or more.
Half a year ago, the planning authorities approved a plan to build 6,700 housing units on the city's border with Tel Aviv - south of Route 5 - in an effort to alleviate the lack of supply in the small city.
The Meshorer family is among the major stakeholders in the Astrom Group, a real estate and infrastructure firm. The company was publicly listed in June of last year, when it raised NIS 1.5 billion on the TASE.
The company reported a net profit of NIS 64 million in the first half of 2015, compared to NIS 38 million the year before.
Published by Globes [online], Israel business news - www.globes-online.com - on September 24, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015