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.
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.