Real estate investor Adi Keizman has sold the landmark Dekel cinema complex in Tel Aviv's Bavli neighborhood for NIS 61 million, sources inform "Globes." Keizman bought the property from A.D. Matalon in 2007 for $6.8 million (NIS 28 million in terms of 2007). The buyer is a company called Urban (formerly Meizamim), owned by Yair Segal, who specializes in organizing buyers groups. The company has an option of six months to complete the purchase with a possible six month extension. The buyer plans to market high quality 2-4 room apartments and luxury penthouses starting from NIS 1.7 million for 2-room, 50-sq.m. units. The buyer estimates the entire value of the planned property at NIS 200 million. RELATED ARTICLES Hagag buyers group buys TASE shell Asim Adi Keizman to focus on Israeli development The Dekel cinema is slated for demolition and on the site there are building rights for a ten-floor apartment block with 100 sheltered housing units, no larger than 52-sq.m. each. Despite the seeming contradiction with Urban's plans, the company insists that any project built will meet the requirement of the city's master-plan. Published by Globes [online], Israel business news - www.globes-online.com - on April 16, 2015 © Copyright of Globes Publisher Itonut (1983) Ltd. 2015
