The Billion Deal: The Giant Project of the Ashtrom & Gindi Group

Ashtrom Group will establish over 500 housing units in the Neve Ayalon neighborhood with an option to purchase 168 apartments and commercial areas from Gindi Holdings for long-term rent

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Real Estate

13/03/2022

Sunday, 13 March 2022, 13:46 Updated: 13:49

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The Ashtrom and Gindi Holdings Group announced today (Sunday) a deal worth about NIS 1 billion.

The companies signed an agreement for the construction of 504 housing units in Gindi's new complex, "Gindi HaMoshava" which will be built in the Neve Ayalon-Or Yehuda neighborhood, along with an option agreement to purchase 168 apartments in the project for long-term rent.

Gindi Holdings continues the momentum of construction and construction of new neighborhoods, after building 2,000 units in the Beit Park neighborhood in Or Yehuda, which is currently being populated. Of commercial areas with an expected sales turnover of approximately NIS 1.8 billion. As stated, Gindi purchased the plots in May 2021 in the amount of approximately NIS 550,000,000 including development costs

. And Adv. Sivan Atias from the firm of M. Firon & Co.

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"A chain of successful, high-quality projects."

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Along with the construction and construction of the neighborhood by the Ashtrom Group, for NIS 440,000,000, Gindi Holdings also signed an option agreement with the Ashtrom Group under which the latter will purchase 168 housing units in the project, for long-term rent, at a price of NIS 550,000,000.

Or Yehuda has undergone a huge transformation in recent years like no other city has gone through in Israel and has become one of the most sought after and coveted cities in Israel, thanks in large part to the municipality's unprecedented push to promote thousands of housing units, infrastructure and a strong education system.

The company plans to build 12 9/14-story buildings and innovative neighborhood commerce, the expected mix of apartments will include 3,4,4,5,5-room apartments, mini-penthouses and penthouses alongside commercial areas.

The start of marketing is expected to begin very soon when the expected sales turnover of the entire project is about NIS 1.5 billion.

The new neighborhood is characterized by exceptional accessibility to the entire country and in particular to the center, just 5 minutes from Tel Aviv, Road 461, the light rail that is expected to pass through the neighborhood, widening roads and developing public space in which the second largest park in Israel will be 600 dunams.

Advocate Barak Toiser of Gindi Holdings who promoted and led the deal said: "Gindi continues its vision to develop huge neighborhoods and we are happy and welcome the new deals with a leading company like Ashtrom that allow us to continue to initiate, build and be a significant part in building the country."

Rami Nussbaum, Chairman of the Board of Directors of the Ashtrom Group: "We are pleased to have another collaboration with Gindi Holdings, which continues a chain of successful, high-quality projects we have established with it over the past few years.

We signed an agreement for the construction of the project, which will include more than 500 apartments and commercial areas, as well as an option to purchase 168 apartments in the project, for the benefit of long-term rent.

The Ashtrom Group is proud to lead and promote the long-term rental sector in Israel with a backlog of more than 2,000 housing units.

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