Income producing real estate company Vitania (TASE: VTNA), controlled by the family of vehicle importing and shipping magnate Rami Ungar, has reported that it is in negotiations to buy the rights of high-tech entrepreneur Benny Landa (50%) in stage one of an income-producing asset that Vitania is constructing in Ness Ziona. If the deal goes ahead, Vitania will post an NIS 18 million expense for purchase tax and an accounting loss of NIS 50 million.
Vitania’s notification to the stock exchange today states that it will buy Landa’s rights in the project by taking on bank debt of NIS 247 million owed by Landa and will forgive a debt that Landa owes to it of NIS 50 million.
On Tuesday, a loan agreement was signed whereby Vitania will guarantee a bank loan of NIS 40 million to Landa. The loan is for four years at an interest rate of prime plus 3% (currently 8%).
Vitania and Landa hold equal shares in the Vitania Landa project in the Ness Ziona Science Park. The building combines industrial space, laboratories and offices. The total space is 40,000 square meters, plus a 23,000 square-meter underground parking lot.
The project was originally intended to house Benny Landa’s printing equipment company, which ran up debt of NIS 1.7 billion and applied for a stay of proceedings in the summer of 2025. As a result, Vitania had to make a loss provision of NIS 80 million last year.
In May, Vitania reported that it would lease the building to Elbit Systems. The lease is for 25 years, with an exit point for Elbit Systems after 17 years and nine months. The rent up to that point totals NIS 544 million. Buying all the rights will give Vitania income of NIS 34 million annually.
Up to this morning’s market opening, Vitania’s share price was down 38% for the year to date, and the company had a market cap of NIS 680 million, lower than its shareholders’ equity of NIS 1.1 billion. In today’s session, the share price is up 3.73%.
Published by Globes, Israel business news - en.globes.co.il - on August 27, 2026.
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