Income-generating real estate fund Temora acquired a shopping center and office complex in Kiryat Ata city center near City Hall for NIS 134 million. The building is being sold by the Kfir Group, owned by Avi Ohayon.
The complex was originally built by Azrieli Group (TASE: AZRG). The building’s main tenants are Shufersal Unit BE, FOX, Aroma, Delta, Strauss Bazaar, Keddishek chain, Yahav Bank and Hapoalim Bank. The shopping center’s occupancy rate is approximately 96%. The main tenants of the office building are: Maccabi Dent, Maccabi Health Fund, Kfir Group, and Shock Hamedrin Supermarket. The occupancy rate of the administrative building is approximately 98%.
The shopping and office center covers an area of 32,000 square meters and includes 286 parking spaces. The deal reflects a total annual return of 7.4%. Temura says the average rent for the shopping centre, parking and office space in the building is below the market average and therefore has the potential for significant improvement in the future.
The population of Kiryat Ata, near Haifa, is currently about 65 thousand people. In recent years, Kiryat Ata has enjoyed a major development boom, and in the coming years the city’s population is expected to reach approximately 100,000 people.
“We plan to improve and develop the mall based on its existing character, which suits traditional and ultra-Orthodox customers, and in the process, to integrate into the mall’s kosher culinary business,” Temura co-CEOs Dodi Najmi and Guy Shaia said. “Kosher markets on Fridays and holiday evenings, and ultra-Orthodox men’s fashion stores. The future growth of the population of Kiryat Ata, along with the business plan that has been developed for the mall in the coming years, is expected to significantly improve the complex.”
Timora Fund focuses on the acquisition, optimization and management of investments in income-generating assets in the areas of office, trade, industry, logistics and warehouses. The fund owns assets with a total area of about 160,000 square metres. The Fund plans to expand investments in these areas.
The Fund succeeded in achieving its fundraising goal for the first fund, completing fundraising in a total amount of NIS 500 million. Participants in the fundraising included Clal Insurance and Finance Company, Mizrahi Tefahot Bank, and Amitim Retirement Funds.
The Fund’s Chairman is Oded Shamir, who previously served as CEO of Industrial Buildings, Jerusalem Economy, Azorim Real Estate and Chairman of the Board of Directors of Netivei Israel, the national transportation infrastructure company. The fund’s investment committee is chaired by Roy Yakir, who previously served as chief investment officer at Clal. Insurance and Executive Vice President and Chief Investment Officer of Phoenix Holdings. The fund’s investment committee includes, among others, Dan Derich, former Director General of the Ministry of Trade and Industry and Director of IBI, as well as a lawyer. Yonatan Altman, who also serves as Chairman of the Board of Directors of the law firm Amit, Pollak, Matalon (APM).
Published by Globes, Israel Business News – en.globes.co.il – on January 1, 2025
© Copyright Globes Publisher Itonut (1983) Ltd., 2025