Tel Aviv's Haargaz lot to be sold for office towers

The lot near the Azrieli Center has building rights for 110,000 square meters and is attracting interest from BSR Group.

20 July 10 19:2, Ilanit Hayut

Tiv Taam Holdings Ltd. (TASE:TTAM) owner Hgai Shalom has told "Globes" that he is in talks with investors from both Israel and abroad to sell the Haargaz lot in Tel Aviv. The site, which is on Yigal Alon Street overlooking the Ayalon Highway and very close to the Azrieli Center, has building rights for 110,000 square meters of office space.

Shalom bought the lot nine years ago from the Histadrut General Federation of Labor for NIS 240 million. He said, "We are talking about over 20 dunam (5 acres) of land and there are very many people interested. Everybody who approaches me knows that we are asking NIS 250 million for the land as it is and the buyer will pay all levies and betterment fees."

He added, "Every week there are people talking to us including this week. There are investors from both abroad and Israel."

Among those known to be interested in purchasing the Haargaz lot is BSR Groupcontrolled by Nachshon Kivity. Shalom said, "BSR have been interested in the lot for many years. It's something that goes up and down. We are talking but nothing has been closed between us.

Shalom has managed to increase the building rights for the lot by 450% in recent years.

Published by Globes, Israel business news - www.globes-online.com - on July 20, 2010

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