More buys stake in Hagag's Old North Tel Aviv project

Summayl / Photo: Eyal Izhar, Globes

YD More Investments has paid NIS 36.6 million for 20% of the 3,800 square meters lot in the Summayl district at the corner of Jabotinsky and Ibn Gbriol Streets.

YD More Investments Ltd. (TASE: MRIN) has bought a 20% stake in a Tel Aviv project from Hagag Group Real Estate Development Ltd. (TASE: HGG) for NIS 36.6 million. The project will be built on a 3,800 square meters lot in the Summayl district at the corner of Jabotinsky and Ibn Gbriol Streets in Old North Tel Aviv.

Hagag Group, controlled by brothers Tsahi and Ido Hagag, was awarded the lot in a competitive bid process in which it beat Azorim. The lot is being purchased for NIS 173 million. According to the master-plan that is currently valid, the lot has rights for an eight-floor apartment block with 38 housing units and 3,180 square meters of commercial premises. The pricing procedure was led by Advs. Shai and Boaz Raveh.

The lot is adjacent to lot number 124 on which the Hagag Group is already building its flagship project, the luxurious 50-floor H-Infinity residential tower, designed by the architect Moshe Tzur, alongside another eight-floor apartment building overlooking Ibn Gbriol Street and which will also include a commercial area. There will be a swimming pool on the H-Infinity tower's roof.

Overall 1,200 housing units will be built in the Summayl district as well as the commercial space. The project also includes 12,500 square meters for public buildings and public spaces.

Published by Globes, Israel business news - en.globes.co.il - on January 27, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Summayl / Photo: Eyal Izhar, Globes
Summayl / Photo: Eyal Izhar, Globes
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