Israeli-Russian billionaire Roman Abramovich has reportedly bought the Beit Hamagen building on Tel Aviv seafront for NIS 200 million ($57 million) from French businessman Dominique Romano. The deal represents a handsome profit for Romano who bought the building three years ago from the Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) for NIS 150 million. RELATED ARTICLES Roman Abramovich to buy Herzliya home for $63m - report Roman Abramovich donates $5m to Jewish Agency Roman Abramovich invests in $25m Spot.IM financing round Roman Abramovich immigrates to Israel Roman Abramovich buys Tel Aviv hotel Market sources believe that Abramovich will convert the building into a hotel, or a hotel and luxury apartments. The building is within the area designated by Tel Aviv Municipality's 5000 program for the construction of hotels. The five floor building encompasses 6,500 square meters and there are building rights for an additional 12,000 square meters. The seafront building is at the corner of Herbert Samuel Promenade and Schenker Street to the west of Neve Tzedek and north of Jaffa. The land is owned by the Israel Land Administration and the lease for the building will have to be renewed in 2035. Nearby to the north are the Dan Panorama and David Intercontinental hotels and there are plans to convert the offices of Textile House and other offices in the area into hotels. The anticipated conversion of the building into a hotel will join many other new luxury hotels that have opened in Tel Aviv in recent years including the Nakash brothers Setai in Jaffa and Herbert Samuel Opera, the Drisco in the American Colony and The Jaffa. The Novo, Ritz Carlton, Four Seasons and Mandarin Oriental chains are all planning hotels in Tel Aviv. Published by Globes, Israel business news - en.globes.co.il - on January 26, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020
