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.console.log("catid body is "+catID);if(catID==120){document.getElementsByClassName("divConnatix")[0].style.display ="none";var script = document.createElement('script'); script.src = 'https://player.anyclip.com/anyclip-widget/lre-widget/prod/v1/src/lre.js'; script.setAttribute('pubname','jpostcom'); script.setAttribute('widgetname','0011r00001lcD1i_12258'); document.getElementsByClassName('divAnyClip')[0].appendChild(script);}else if(catID!=69 && catID!=2){ document.getElementsByClassName("divConnatix")[0].style.display ="none"; var script = document.createElement('script'); script.src = 'https://static.vidazoo.com/basev/vwpt.js'; script.setAttribute('data-widget-id','60fd6becf6393400049e6535'); document.getElementsByClassName('divVidazoo')[0].appendChild(script); }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.
