Tnuva sells TA lot slated for 3 skyscrapers for NIS 530m.

Electra, Pangaea, and EGRE plan to build three 65-story mixed-used skyscrapers on the lot at a cost of NIS 2 billion.

June 15, 2011 14:39
1 minute read.
Tel Aviv skyline

Tel Aviv skyline 521. (photo credit: Marc Israel Sellem)

Tnuva Food Industries Ltd. has signed the deal for the sale of its compound in Tel Aviv for NIS 530 million to a consortium of Electra Ltd., Pangaea Real Estate Ltd., and Eurocom Global Real Estate Ltd. Electra will own 25 percent of the lot and the other companies will each own 37.5%.

The Tnuva lot, at the corner of Shaul Hamelech Street and Menachem Begin Road in Tel Aviv, has a net area of 13 dunam (3.25 acres) and a current building permit for 124,000 square meters plus 2,500 parking spaces. The lot overlooks the Ayalon Highway. The buyers plan to build three 65-story mixed-use skyscrapers on the lot at a cost of NIS 2 billion. The companies are considering applying to increase the height of the buildings to 90 stories each.

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The companies plan to build a residential, office, and commercial complex similar to the Azrieli towers up the street. The Tel Aviv light railway is due to run directly beneath the lot.

Electra's share price rose 0.9% in morning trading to NIS 395.80, giving a market cap of NIS 1.4 billion, Pangaea's share price rose 9.2% to NIS 0.85, giving a market cap of NIS 110 million, and EGRE's share price was unchanged at NIS 4.72, giving a market cap of NIS 34 million.

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