Ernst & Young Israel will buy the 16 lower floors in the 50-floor building and 475 underground parking spaces. The talks include an option to buy up to 1,000 square meters of storerooms. Pangaea said that a deal is subject to certain conditions, including approval by the Israel Securities Authority because Ernst & Young Israel audits Electra Ltd. (TASE: ELTR), Pangaea's Eurocom Real Estate's partner in the project.
Pangaea, Electra, and Eurocom Real Estate jointly bought the lot for the project from Tnuva Food Industries Ltd. for NIS 535 million 18 months ago. The lot, on Menachem Begin Road, is zoned for two 50-storey towers, one for residences and the other for offices, as well as commercial space and a park. Pangaea is currently marketing office and residential space in the buildings.
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