A NIS 46 million bid has won the "AD 120" (until age 120) protected housing facilities chain, which is part of Yitzhak Tshuva's Delek Group Ltd. (TASE: DLEKG) unit The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5), an Israel Land Authority (ILA) tender for a plot in Modi'in. The plot includes building rights for 26,000 sq.m. of protected housing, including a 1,500-sq.m. ground floor for commerce and over 220 housing units.
The five-dunam (1.25-acre) plot, which is adjacent to a shopping mall owned by Azrieli Group Ltd. (TASE: AZRG), is part of the new business center compound in Modi'in. This compound is expected to include residential and commercial space on which development work is currently taking place. The compound is also adjacent to the railway station.
AD 120 will be building its fourth branch in Modi'in at a cost of NIS 210-220 million. It already has branches in Tel Aviv, Hod Hasharon, and Rishon Lezion. Construction is slated to begin in 2017 and end in 2020.
AD 120 CEO Avi Kalfa said, "We are delighted to have won the tender, and about the right given us to build a protected housing building in Modi'in. At AD 120, we believe in the city's potential, because it is just beginning, and includes young couples with children whose parents sometimes do not live nearby. Construction of a protected housing in the city will give those third-age parents a solution for living close to their children, while benefiting from the social experience and high quality of life provided by the AD 120 chain."
Published by Globes [online], Israel business news - www.globes-online.com - on January 1, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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