Sagi in advanced talks to buy Tel Aviv's Beit Lessin

Teddy Sagi

Teddy Sagi will reportedly pay NIS 268 million for the complex, which has building rights for a 27-floor residential high rise.

Israeli billionaire Teddy Sagi is continuing his real estate shopping spree in Tel Aviv. Sources inform "Globes" that the Teddy Sagi Group is in advanced talks with the Rahamim family and Azorim Investment, Development and Construction Ltd. (TASE: AZRM), which each own half the city's Beit Lessin complex, to buy the property for NIS 268 million. The complex, next to Tel Aviv's Kikar Hamedina, has building rights for a 27-floor residential high-rise with 8,800-sq.m of living space, as well as service areas and an underground car park. In 2000, the Histadrut sold the Beit Lessin complex to a group of private investors for $14.2 million. The complex at 30-34 Weizmann Street, includes two small buildings, Beit Lessin itself and Beit Hamlin, which have commercial and office space leased to a range of businesses including First International Bank of Israel (TASE: FTIN), Mizrahi Tefahot Bank (TASE:MZTF) and the Roladin cafe chain.

The plans drawn up by architect Moshe Tsur call for 83 apartments in the tower but market source believe that ultimately 59 larger apartments will be built.

Sagi Group, Azorim, and the Rahamim family all declined to comment on the report.

Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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