TA municipality, Tnuva sell lots for NIS 1.08b

Tel Aviv wholesale market

The Gindi family will be constructing the entire project on the site of the Tel Aviv wholesale market.

The Gindi family will construct the entire neighborhood on the site of the old Tel Aviv wholesale market. Sources inform "Globes" that the Tel Aviv municipality and Tnuva Food Industries Ltd., which own the land, have reached agreement with Gindi Towers Tel Aviv, owned by Manor Gindi, Ori Levy, and Kfir Gindi, for the purchase of the last two lots on the site. These lots, zoned for construction of two 44-storey residential towers with 380 housing units each, will be sold for NIS 1.08 billion. The sales procedure differs from the procedure in the previous sales of the lots, which were sold in a tender.

The price was according the decision of an agreed appraiser. The Tel Aviv municipality emphasized that Tnuva held 75% of the rights to the lots, while the municipality had only 25%. The proceeds from the sale will be divided accordingly, but the sellers also said they regarded the sale of the remaining lots to the same company that is building the first part of the project as preferable, so that one concern will be responsible for construction of the entire project.

The decision aroused criticism in recent days from major development companies, which had been waiting for the publication of a tender for the sale of the remaining lots.

Published by Globes [online], Israel Business News - www.globes-online.com - on March 28, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Tel Aviv wholesale market
Tel Aviv wholesale market
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