Businessman Ehud Ben Shach and a number of private investors are expected to buy the Bank Leumi (TASE: LUMI) buildings at 8-10 Lilienblum Street in Tel Aviv for NIS 65 million, sources inform “Globes”.
The two adjacent buildings include 1,800 square meters of upper floor space as well as underground spaces - built on a quarter-acre lot. The complex hosts the Bank Leumi headquarters, which will remain as a tenant for four additional years. Several parties lodged bids to buy the property, but the offer from Ben Shach and his investors reached the most advanced stage; the two sides are currently in talks on closing the deal.
The sale is part of the bank’s strategy to relocate a significant part of its operations away from central Tel Aviv to reduce costs. Last September, Canada Israel - owned by Barak Rosen and Assaf Tuchmeir - purchased the Bank Leumi office building on Ahad Ha’am St. in Tel Aviv for NIS 77 million.
Ben Shach leads the Petrolgas group, which merged with Pazgas in the 1990s. He is also among the owners of energy firm Global Power and packing plant Caniel.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2016
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