The Ramat Gan Stock Exchange area against the backdrop of Kikar HaMedina, Yarkon Park and the city of Tel Aviv (Photo: ShutterStock)
Ayalon Insurance Company, and real estate companies Lor Byron and BSR announce today (Tuesday) the launch of one of the largest real estate projects in Israel in one of Israel's main business centers, the Ramat Gan Stock Exchange complex, with an estimated investment of NIS 2.4 billion.
Ayalon, which owns 79% of a 7-story office and commercial building at 12 Menachem Begin Street in Ramat Gan, has entered into an agreement with the real estate developers Lor Byron Real Estate and BSR Engineering and Development, in agreement to execute a combination agreement for the purpose of initiating and establishing a project, in which the said property will be consolidated together with other adjacent plots into a single planning unit, while demolishing the old buildings and erecting new skyscraper buildings under them.
The planned project, which will be built in the Ramat Gan Stock Exchange complex, mostly on the South Africa House building at the intersection of Menachem Begin and Harkon streets, will cover about 8.4 dunams, enabling construction according to the new master plan of the stock exchange area at a rate of 3000% (30 times), to about 250,90 square meters with a high construction of 100-<> floors for mixed uses. In doing so, the project is expected to become one of the largest iconic projects in Israel.
The Ramat Gan Stock Exchange complex (Photo: Reuven Castro)
Yashar Architects, managed by architect Avner Yashar, was chosen to lead the architectural side of the project.
According to Ayalon CEO Sharon Reich: "We believe that the combination of forces between the groups of entrepreneurs and Lor Byron and BSR enables the project to have strong economic backing, high-level engineering, experience and intensive entrepreneurship that will help it succeed."
Mr. Moshe Benvenisti, Ayalon's project leader, said: "The central location in the heart of Gush Dan, its vast scope and diverse mix of uses, give the project a relative advantage in a competitive market. The groundbreaking master plan, designed by the esteemed architectural firm Yashar Architects and backed by the Ramat Gan Municipality, will lead to Ayalon's assessment of the improvement of its rights and will enable a multiplier of value for the company and investors."
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