Rotshtein to build 640 homes in Ramat Beit Shemesh

Yitzhak Mirilashvili Photo: Mandy Hecht

The company agreed on a combination deal with the landowners, who will receive 32.5% of the apartments.

Rotshtein Real Estate Ltd. (TASE:ROTS), controlled by Yitzhak Mirilashvili and Avishai Ben-Haim, reported that it had signed a combination deal with private landowners in Beit Shemesh for a residential and commercial project.

The 62-dunam (15.5-acre) site is located in Ramat Beit Shemesh Aleph. An urban building plan for construction of 640 housing units and 10,000 square meters of commercial space on the site has been approved. Under the agreement, the landowners will strive to obtain approval for increasing the number of housing units in the plan to 1,000. It was also agreed that if the increased number of apartments is not approved, the company will carry out the project according to the approved urban building plan.

The combination deal gives the landowners rights to 32.5% of the apartments and 45% of the commercial space in the project. The sellers will pay taxes, such as betterment tax, improvement tax, development fees, and VAT on construction services.

Adv. Moshe Hardi, Adv. Tsouriel Picard, and Adv. Dan Mandelbaum from the Herzog Fox Neeman law firm represented Rotshtein in the deal.

Published by Globes, Israel business news - en.globes.co.il - on January 2, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Yitzhak Mirilashvili Photo: Mandy Hecht
Yitzhak Mirilashvili Photo: Mandy Hecht
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