Tadiran owner buys NIS 40m Tel Aviv penthouse

17 Arlozorov Photo: Eyal Yitzhar

Moshe Mamrud is buying the 360-square meter penthouse, which is located in the 17 Arlozorov Street project.

Tadiran Holdings Ltd. (TASE:TDRN) controlling shareholder and CEO Moshe Mamrud recently bought a penthouse in the 17 Arlozorov project. The 27th floor penthouse has 360 square meters, plus 56 square meters of balconies.

Mamrud, who currently lives in the YOO Towers in Park Tzameret, is expected to move to the new project when it is opened in late 2018. According to Israel Tax Authority figures, the new deal is the most expensive one in the Arlozorov tower since its marketing began in 2013. Eight apartments in the project were sold in 2017, seven of them at prices varying from NIS 4.7 million to NIS 18.5 million. The second largest deal in the tower took place in 2014, when a 247-square meter apartment on the 26th floor was purchased for NIS 22.1 million.

The volume of deals in the luxury housing market waned over the past year as a result of the burdens imposed by the government on buyers in this market, headed by an increase in purchase tax, as well as the restrictions resulting from the duty to report the source of the money brought to Israel by foreign residents interested in buying a property in Israel. A large proportion of the foreign residents who were in the process of buying a property in Israel preferred not to report the overseas sources of their money, and suspended their purchases.

Tadiran Holdings has a market cap of NIS 930 million, following a 30% surge in the past year and a 460% leap in the past three years. Since Mamrud currently owns 70% of the shares in the company, the market value of his stake is NIS 650 million. Six months ago, he sold 4% of the company's capital for NIS 34 million.

The 17 Arlozorov project is being constructed on the ruins of a Dan Public Transportation Co. Ltd. garage on an eight-dunam (two-acre) site on the corner of Ben Yehuda Street and Arlozorov Street. Dan acquired the lot 80 years ago. The project, designed by architect Moshe Tzur, has 131 apartments in a four-storey building connected to a 29-storey tower, plus a swimming pool, fitness room, a parking lot for residents with 333 parking spaces, and a public parking lot with 162 parking spaces. The top floor of the tower consists of an 870-square meter penthouse with a NIS 200 million price tag.

Purchasers of apartments in the project include former Israel air force commander Major General (res.) Eitan Ben Eliyahu, currently CEO of Sentry Technology Group (STG), a defense industry company, and David Kolitz, controlling shareholder, chairperson, and CEO of investment group Elul Tamarynd.

Dan Nadlan, the real estate arm of Dan bus company, is building real estate projects mainly on the company's historic land formerly used for garages and parking lots. In addition to 17 Arlozorov, the company's projects include a tower with 215 apartments on Jabotinsky Street in Ramat Gan, an office tower near the BSR Towers in Bnei Brak in partnership with Ashtrom Properties Ltd. (TASE:ASPR), and four towers that the two companies are jointly promoting in Bat Yam. Dan is also pushing an urban building plan for land that it owns that currently houses a company garage in the Dan neighborhood in north Tel Aviv. Dan's controlling shareholders are the company's 1,200 members. Dan's chairperson is Shmuel Refaeli, and the CEO of Dan Nadlan is Kazis Matzliach.

Published by Globes [online], Israel Business News - www.globes-online.com - on February 5, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

17 Arlozorov Photo: Eyal Yitzhar
17 Arlozorov Photo: Eyal Yitzhar
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