The company Africa Israel has acquired the prestigious Somale complex in the center of Tel Aviv for a value of 425 million shekels, after outbidding the offer from the Hadjadj group. The land is intended for the construction of a 40-story tower with 174 apartments. The value of the land for a single apartment alone shows a record amount of 2.4 million shekels.
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This is private land, owned about 40% by the company “Africa Israel,” 24% by the Hadjadj group. The rest is distributed among a number of private owners. Another group of owners is again faithfully represented by lawyer Shmuel – and it is he who initiated the dissolution process on the land, managed by the trustee lawyer Shai Roh.
The price obtained in the auction is significantly higher than the estimate from real estate appraiser Bezalel Katzir. This is set at 360 million NIS. Moreover, it could reach 380 million NIS if a request for additional apartments receives approval.
Therefore, the court is expected to approve the trustee’s request for the sale to Africa Israel for a value of 425 million NIS. It is estimated that the developer will request additional apartments under the IBS regulations. Furthermore, the responsibility for evacuating the lot holders applies to the winning company – Africa Israel. This is in accordance with the terms of the tender. However, this will incur additional evacuation costs.
It is estimated that in the coming weeks, some private owners of the lot will conclude partnership agreements with Africa Israel, which will increase the company’s ownership percentage in the lot.
Source: Ynet
