The 22-storey building is slated to be completed and occupied in 2011.
Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) and Dikla Insurance Company Ltd. have bought the building rights for a proposed office building to be built on Harakevet Street in Tel Aviv for $55-60 million. The sellers are Electra Real Estate Ltd. (TASE:ELCRE) and its partners, Litav-Mitav Ltd., Neeman-Nir Projects and Building Ltd., and Megama (A.B.I.) Ltd.
The 20,000-square meter building is slated to have 22 or 23 floors above a commercial floor and five underground floors for parking and storerooms. The purchase price is based on an annual rental return of 8.25% when the building is fully leased to third parties or 7.75% if it is leased to government offices, a bank or a company rated AA or higher.
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2 comments:
Tel Aviv Real Estate is a huge field. If you are looking for an apartment for sale in Tel Aviv you have a lot of work ahead of you :)
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