The "Carmiel" project of Zemach Hamerman in Karmiel (Photo: Public Relations)
Tzemach Hamerman reports to the Tel Aviv Stock Exchange about negotiations for the sale of its rights in a long-term rental project it established in Karmiel, which includes 100 units and about 750 square meters of commercial space, to the Rent It fund in exchange for 134.7 One
million shekels
Tzemach Hamerman completed the construction of the "Karmiela" project in the Rabin neighborhood of Karmiel last year, which was built as part of a tender by "Deira HaShakhir", the government housing and rental company. The tender was in 2018 and the project was the first long-term rental housing project in the periphery, which is entitled to tax benefits on -According to the Law for the Encouragement of Capital Investments, the company will thus benefit from a tax discount on this sale.
The long-term rental apartments are part of the "Carmielah next generation" project of Tzemach Hammerman, in the framework of which the company marketed on the free market two lots containing 88 housing units in textured construction in buildings 4-6 years old floors and a mix of 3, 4, and 5 room apartments, garden apartments and penthouses.
According to Haim Feiglin, CEOto the marman plant,
"The rental housing project in Karmiel enables affordable housing in the periphery and is a good example of the government's attempts to change the culture of living in Israel, and to develop the rental market as a substitute for purchasing new apartments. The city of Karmiel has grown significantly in recent years and is now considered a very popular place to live. We believe in the city and have built hundreds of apartments in it over the years Recently, we also recently purchased a 25 dunam piece of land in the city together with partners and we are engaged in the planning of the project that will be built there."
Haim Feiglin, CEO of Tzemach Hamerman (Photo: Public Relations)
Tzemach Hamerman states in a report to the stock exchange that the agreement for the sale of the project, as far as it is signed, is expected to include a number of conditional conditions for its completion, including obtaining the approval of the project's lender bank, obtaining the approval of the company "Dira for Rent" and obtaining the approval of the Ministry of Economy and Industry for the transaction.
The Rent It Fund - a REIT residential fund, which was founded and managed by Sharon Tussiah-Cohen, recently completed a fundraising of NIS 280 million.
The fund plans to invest a total of one billion shekels in buying apartments and renting them out.
The fund recently made purchases in Kiryat Gat and Netanya.
Among the investors in the fund are Poalim Equity (the investment arm of Bank Hapoalim), Clal Insurance, Amit (the veteran pension funds), Yuval Cohen, the Yeselzon family and a host of other private investors.
The chairman of the fund is Aharon Vogel and the CFO is Yohai Avtan, CPA. Zemach Hamerman is represented in the transaction by the Shaf, Slai, Goldenberg Adv. cut off
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