New City will build the NIS 800 million Assuta Bauhaus Village project on the site in north Tel Aviv.
The New City Ltd. (Ir Hadasha) buyer group, owned by Dror Halevy and Raviv Zoller, has exercised its option to acquire 95% of the Assuta compound land in north Tel Aviv for NIS 336 million from Boymelgreen Capital Ltd. (TASE:BMGN) and his partners in equal shares. Boymelgreen and his partners will keep a piece of land worth several apartments for investment.
New City will build the Assuta Bauhaus Village project on the site on Jabotinsky Street. The project is worth an estimated NIS 800 million altogether. It will include 158 apartments on an 8.5-dunam (2.125-acre) site, previously occupied by the old Assuta Hospital.
Project tenants will include Minister of Defense Ehud Barak, Bank Leumi CEO Galia Maor, and Mizrahi Tefahot Bank CEO Eli Yones.
Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
Einat Paz-Frankel and Hadas Magen