The supermarket chain's real estate division is planning a 40,000 square meter office and commercial center.
After establishing itself as number one in the Israeli supermarket sector, the success of its private brand and online sales and expanding into the pharmacy stores sector, Shufersal Ltd. (TASE:SAE) is now also focusing on its real estate portfolio. The company is developing land in Ra'anana for construction of a 40,000 square meter office and commercial center. Shufersal is in talks with an IDB Development subsidiary - probably either Bayside Land Corp. Ltd.(Gav Yam) (TASE: BYSD1) or Property and Building Ltd. (TASE: PTBL) - for the design and construction of the project.
Shufersal CEO Itzhak Abercohen said yesterday, "We will make an initial report on a new project in the real estate sector next month. We now own 70 properties and this step will increase the value of our real estate company."
Published by Globes [online], Israel business news - www.globes-online.com - on March 27, 2018
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Yitzchack Abercohen