Africa Israel Residential reports: will purchase from Reality Fund and Bank Leumi half of their rights in the 'Office' complex in the city of Azor

Africa Israel Residential reports that it will purchase from Reality Fund and Bank Leumi half of their rights in the 'Office' complex in the city of Azor, and will hold 50% of the 37-dunam complex after the purchase. Reality Fund and Bank Leumi purchased the land in 2017 at a value of NIS 150 million, as part of the realization of the assets of businessman Eliezer Fishman. For half of the rights, Africa Residential will pay NIS 122.5 million, so the current deal reflects a value of NIS 245 million for the complex. So far, Keren Reality has held 70% of the land, and Bank Leumi 30%. The Reality Fund will now hold 35% of the land, Bank Leumi 15% of the land and Africa Residential 50% of the land.
Since the acquisition, the Reality Fund has been promoting a plan to change the use of the land, which will include more than 630 apartments and 45,000 square meters of employment and commercial space, sheltered housing and public buildings. An adjacent land division in an area of ​​18 dunams, so that the two lands together comprise 55 dunams.
Last week, the fund completed another major deal with a public company, when it sold half of its rights in the revival complex in Tel Aviv to the Minrav Group at a value of NIS 375 million. The complex, in an area of ​​about 10.5 dunams on 14-16 HaTehiya Street, designated for light industry and crafts, was purchased in a number of transactions between the years 2018-2017 for NIS 200 million. The future plan promoted by the fund includes joint planning with the owners of nearby plots on an area of ​​22 dunams - including increasing the building rights to 70,000 square meters, including about 400 apartments, combining employment and commercial areas alongside public areas that will include school and preserving some of the existing crafts in the property.