Timora Fund buys Corex House in Ra’anana for NIS 110m

Corex House Credit: Timora Fund
Corex House Credit: Timora Fund

The deal in Ra'anana's high-demand Kiryat Etgarim park is the first for the fund after its first raise of NIS 300 million.

After closing an initial financing round of about NIS 300 million, Timora Fund has completed its first deal. The fund, which specializes in acquiring, enhancing and managing investments in offices, industrial and logistics properties in Israel, has acquired Corex House, in Kiryat Etgarim in Ra’anana, for NIS 110 million. Corex House is an office building encompassing 13,000 square meters of space (of which 9,400 square meters is office and commercial space), and including two underground car park floors (210 parking spaces), a ground floor, above which are three floors of offices and a gallery floor.

The building, known for its unique shape, is built as two separate wings that are connected by a bridge and with a sloped, triangular shape roof. Between the two wings on their ground floor, a kind of street open to the skies is created, which has become a commercial avenue extending along the length of the floor.

The office space in the building has a 90% occupancy rate and the commercial space has 50% occupancy. The deal reflects a price of about NIS 9,000 per square meter for the commercial space and about NIS 8,800 er square meter for the office space in fully finished condition, and about NIS 80,000 for the average parking space. Among the main tenants in the building are overseas real estate investment company Profimex, and technology companies Centerity, Medaware and Mavenir. There are other owners of space in the building with several holdings (about 5% of the building).

Kiryat Etgarim Industrial Park is the main industrial zone in Ra’anana, in which there is a mix of office, industrial and urban commercial buildings. Among the most prominent companies located in Kiryat Etgarim are NICE Systems and Mellanox, and foreign tech giants Dell, HP and SAP.

Timora Fund, managed by David Najmi and Adv. Guy Shaya focuses on acquiring, enhancing and managing office, industrial and logistics real estate in Israel. The Fund, which has already raised NIS 300 million, plans to complete the raising of an overall NIS 500 million, so as to build a portfolio worth about NIS 1.5 billion.

Timora's Investment Committee chairman is Roy Yakir, formerly Deputy CEO and Chief Investment Officer of Phoenix, while the Chairman of the Fund is Oded Shamir, who over the years managed publicly-traded real estate companies including Industrial Buildings, Jerusalem Economy, and Azorim Properties.

Timora Fund co-CEOs David Najmi and Adv. Guy Shaya said, "The Kiryat Etgarim tech and industrial park in Ra’anana already now enjoys a huge development boom and is expected over the next three years to strength its brand as one of the leading employment parks in the Sharon region. We very much believe in the ability to enhance the property in the coming years, and all this in accordance with the strategy of the Fund."

Timora was represented in the deal by Advs. Amitai Erlich, Adi Aharon-Feldman, and Yan Feldman of the Amit, Pollak, Matalon (APM) & Co. law firm.

Published by Globes, Israel business news - en.globes.co.il - on August 1 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Corex House Credit: Timora Fund
Corex House Credit: Timora Fund
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