Yitzhak Tshuva continues to work for liquidity and will sell Hajaj group land in Bavli neighbourhood

Businessman Yitzhak Tshuva continues to work for liquidity and today signed a principles agreement with Hajaj real estate company 2% for the sale of land he purchased in Kiryat Amal in Tel Aviv. It should be noted that these are land with potential construction of 380 housing units when applications for relief are received Construction, it will be possible to build about 500 housing units on the land.
This is a 14.5 dunam plot of land in Tel Aviv in the Babli neighborhood, known as Kiryat Amal. In the past, the area was owned by businesswoman Inbal Orr, who has since gone bankrupt and Teshuva has bought the land from her hands. Under the terms of the agreement that has not yet been signed and has not yet been finalized for a binding agreement, Hajj will pay a total amount of up to NIS 410 million, subject to various terms such as the final construction rights that will be in the project, etc., with NIS 90 million being paid in cash upon signing the binding agreement.
Hajj has pledged to fulfill an agreement with a third party that it will transfer to the third party 26% of the project after it is built. As part of the agreement, Yitzhak Tshuva will pay the project improvement levy and half of the improvement levy on the addition of housing units if construction easements are approved. It is estimated that Tshuva will take away much of his private debt to Bank Hapoalim and Hajj will take on the debt when Tshuva receives NIS 90 million in cash, of which they will have to fund the project's surcharges. The banks that might meet if they collapse are Bank Hapoalim, Discount Bank and Mizrahi-Tefahot Bank.
Hajj announced that it would finance the transaction through its own sources and bank financing. It is difficult to estimate how banks would be happy to fund such transactions at such an hour, but due to the quality of its land and its potential for improvement, it would not be unreasonable for the banking system to enter into financing such a project.