The Rit 1 Land Investment Fund purchased of 50% of the building of the "Relaxation Nursing Center" in Haifa

The Rit 1 Land Investment Fund reported the purchase of 50% of the building of the "Relaxation Nursing Center" in Haifa from the Ruderman family for NIS 85 million; The acquisition reflects an estimated return of about 7% per year. The Ruderman Group will continue to run the hospital.
Shmuel Said, CEO of Reit 1, said: “The field of nursing hospitals is a complex field that requires constant development of hospitalization conditions, excellent service and compliance with medical conditions and regulators. The accumulated experience and knowledge we have acquired in the field allows us to examine in depth and select viable transactions that contribute to the distribution and overall stability of the company. "
"Relaxation Nursing Center" is one of the oldest geriatric centers (nursing hospital) in the northern region. The nursing hospital is located in the heart of the city of Haifa, near Meyerhoff Square. The center includes 12 different wards, 410 hospital beds and serves mainly the population of the Gulf: Haifa, Tirat Carmel, Nesher and the Krayot.
In the results of the last quarter of 2020, the company reported a decrease of about 7% in FFO compared to last year. The real FFO in 2020 amounted to NIS 232 million, NIS 1.30 per share. In the fourth quarter of 2020, the FFO amounted to approximately NIS 54 million, compared with approximately NIS 64 million last year, a decrease of approximately 16%, a decrease due to the effect of the closure on the Company's commercial and parking areas.