Acro Real Estate sold its share in the main branch of Bank Leumi in Tel Aviv for NIS 220 million
The property was improved, the value increased
Photography:
envato elements
Produced by the Department of Special Supplements
Acro Real Estate sold its share to Canada Israel in the main branch of Bank Leumi, located at the corner of Yehuda Halevi and Herzl streets in Tel Aviv.
The two companies jointly purchased the building in June 2017 as part of a tender conducted by Bank Leumi, for an amount of approximately NIS 277 million.
In the signed agreement, Israel Canada purchased Acro's share, half of the said building, for NIS 220 million - an amount that reflects a value of NIS 440 million for the plot in its entirety.
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The plot in which the branch is located covers an area of approximately 1,600 square meters. Since purchasing the land, the two companies have worked to improve the property, evacuate the tenant and approve a new master plan as part of the Cell / 5000 master plan.
After successfully completing these processes, Acro decided to realize its stake in the complex while enjoying a considerable capital gain as a result of the improvement and the rise in real estate prices.
Today, the new master plan allows for rights to a 40-story tower with a total area of about 38,000 square meters, of which about 24,000 are for trade, employment or hotels.
About 11,000 square meters are designated for the construction of 102 housing units and an additional 3,500 square meters are designated for public uses that the developer will have to build for the municipality.
Produced by the Department of Special Supplements
