ZMH Hammerman paid Delek Real Estate NIS 50 million for the stake.
Yitzhak Tshuva is continuing to selloff assets of Delek Real Estate Ltd. (TASE: DLKR. Subsidiary Elad Israel Residential Ltd. has sold half of the Bezalel Market project in central Tel Aviv to ZMH Hammerman Ltd. (TASE:ZMH) for NIS 50 million.
Closing the deal is subject to meeting conditional terms, including approval of the Tel Aviv-Jaffa Municipality within 45 days of the signing of the agreement.
The lot is zoned for 150 apartments in two buildings of 7-8 floors over underground parking, as well as 2,000 square meters of commercial space,. Construction is due to begin in the second quarter of 2011 and take four years.
Published by Globes [online], Israel business news - www.globes-online.com - on December 23, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
Dror Marmor and Einat Paz-Frankel