Nitsba backing Sefi Tzvieli's Kikar Atarim bid

Kikar Atarim  credit: V. Ben Shutterstock
Kikar Atarim credit: V. Ben Shutterstock

Real estate developer Nitsba Group is reportedly helping to finance Tzvieli's purchase of the parking lot at the site.

Real estate developer Nitsba Group is providing the finance to assist Sefi Tzvieli in buying the parking lot at Kikar Atarim in Tel Aviv in the auction for the sale of the Tel Aviv Municipality's share in the lot. Tzvieli will pay the municipality NIS 257 million and will pay the JLTV fund, which owns 27% of the parking lot, NIS 84 million.

When the deal was reported many people were surprised and found it hard to understand. Tzvieli's bid was much higher than the surveyor's valuation and than the minimum price set by the municipality of NIS 184.5 million., and there were those who said that his motivation was unclear and that there must be some financing body behind him.

"Globes" has learned that, last Thursday, Tzvieli transferred NIS 200 million to the municipality. He is due to transfer the rest of the amount within three months. Nitsba was not prepared to respond to questions, but sources close to its management said that Nitsba "believes in Tel Aviv", and that "the city has still not exhausted its potential and this is a good purchase."

Nitsba is controlled by J.O.E.L. Jerusalem Oil Exploration Ltd., owned by Jackob (Kobi) Maimon and Haim Tsuff. Among the company's income producing properties are the central bus stations in Jerusalem, Tel Aviv, Rishon LeZion, Netanya, Ashdod, and Beersheva, the Upper Galilee Mall in Hatzor HaGlilit, the Horev Center mall in Haifa, the Eilat Princess Hotel, and Nitsba House in Tel Aviv.

Kikar Atarim (Atarim Square) is a prime location on Tel Aviv's beachfront. Tzvieli has been one of the leading opponents of plans to build residential towers as part of the redevelopment of the site.

Published by Globes, Israel business news - en.globes.co.il - on August 15, 2021

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

Kikar Atarim  credit: V. Ben Shutterstock
Kikar Atarim credit: V. Ben Shutterstock
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