Timora buys Kiryat Ata mall and offices for NIS 134m

Kiryat Ata mall credit: Kfir PR
Kiryat Ata mall credit: Kfir PR

The mall and office complex, which was built by Azrieli Group, is being sold by Kfir Group owned by Avi Ohayon.

Timora income producing real estate fund has acquired a shopping mall and office complex in Kiryat Ata city center close to city hall for NIS 134 million. The building is being sold by Kfir Group owned by Avi Ohayon.

The complex was originally built by Azrieli Group (TASE: AZRG). The main tenants in the building include Shufersal unit BE, FOX, Aroma, Delta, Bazar Strauss, Kidichic chain, Bank Yahav and Bank Hapoalim. The shopping mall’s occupancy is about 96%. The main tenants in the office building are: Maccabi Dent, Maccabi Health Fund, Kfir Group, and the Shuk Hamehadrin supermarket. The occupancy of the office building is about 98%.

The shopping mall and office space encompasses 32,000 square meters and includes 286 parking spaces. The deal reflects an overall annual return of 7.4%. Timora says that the average rent in the shopping mall, parking lots, and the office space in the building are below the acceptable average in the market, thus containing potential for significant improvement in the future.

Kiryat Ata, near Haifa, currently has a population of about 65,000. In recent years Kiryat Ata has enjoyed a major development boom and in the coming years the city’s population is expected to reach about 100,000.

Timora co-CEOs Dudy Najmy and Guy Shaya said: "We plan to improve and develop the mall based on its current character, which is suited to traditional and ultra-Orthodox customers, and in the process, to integrate into the mall kosher culinary businesses, kosher markets on Fridays and holiday evenings, and fashion stores for ultra-Orthodox men. The future growth in the population of Kiryat Ata, together with the work plan developed for the mall for the coming years, are expected to significantly improve the complex."

Timora Fund focuses on the acquisition, improvement, and management of investments in income-producing assets in the areas of offices, commerce, industry, logistics, and warehouses. The fund owns assets totaling approximately 160,000 square meters. The fund plans expanding investments in these areas.

The fund successfully achieved its fundraising target for the first fund, completing a total fundraising of NIS 500 million. Participants in the fundraising included Clal Insurance and Finance, Bank Mizrahi Tefahot and Amitim pension funds

The fund's chairman is Oded Shamir, who previously served as CEO of Industrial Buildings, Jerusalem Economy, Azorim Properties and chairman of Netivei Israel National Transport Infrastructure Co. The fund's investment committee is headed by Roy Yakir, who previously served as Chief Investment Officer of Clal Insurance and Deputy CEO and Chief Investment Officer of Phoenix Holdings. The fund's investment committee includes, among others, Dan Derekh, former director general of the Ministry of Trade and Industry and a Director of IBI, as well as Adv. Yonatan Altman, who also serves as chairman of the Amit, Pollak, Matalon (APM) law firm.

Published by Globes, Israel business news - en.globes.co.il - on January 1, 2025

© Copyright of Globes Publisher Itonut (1983) Ltd., 2025

Kiryat Ata mall credit: Kfir PR
Kiryat Ata mall credit: Kfir PR
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