Fox purchased 10% in the project of the Big Group to establish a center in Eilat

The Fox company controlled by Harel Wiesel purchased 10% in the project of the Big Group to establish a Big Center for outlet stores at the entrance to Eilat - for NIS 20 million. The area is located in the free trade zone, which means that shopping there will be exempt from VAT. For Fox, this is a deal with a good return that is expected to reach 10% per year.
The center will be called Big Fashion Outlet and will be identical in design to Big Fashion in Ashdod. The planned center in Eilat is close to the successful Big center in Eilat, which shows that Big believes that it is not currently utilizing the full potential of the city of Eilat.
Ownership will be divided between Fox (10%), Big (45%) and Hav AL led by Avi Levy and Hodia Group (45%). The cost of the project: 200 million shekels including the land, with income from rent expected to amount to 20 million shekels per year - after expenses payments to the kibbutz and in general. The investors also see the potential for a very large increase in value in the project. Big Eilot is scheduled to open at the end of 2023.
The Fox Group currently generates over four billion shekels a year and is profitable - in 2021 the company's profits amounted to 364 million shekels and it has independent resources to make investments.
It should be noted that Fox recently reported on negotiations with Big for the purchase of land and the construction of an office building in Petah Tikva, where Fox's headquarters, currently located in Airport City, will move, in a mixed project that Big will build on the site of a former tin box factory, which will contain commerce and office buildings. The company was also informed of an agreement with the Mega Or company for the purchase and construction of a logistics center in the Beit Shemesh industrial area for the company's own use at a cost of approximately NIS 170 million.
It should be noted that along with his fashion business, Harel Wiesel became a real estate tycoon. Among other things: the construction of a villa neighborhood that was sold in Herzliya Pituach and apartments in prestigious projects such as the Assuta complex in Tel Aviv, the Rothschild Towers (which he sold at a profit), the Gandhi Towers along with a partnership in projects to build apartment towers , lots and land he purchased with a group of friends on the island of Lefkada to build holiday homes for the group's own use. He carries out some of the investments in real estate assets in Israel and abroad in partnership with J. Schottenstein, the owner of American Eagle Worldwide.