After months of stagnation, three high-income real estate deals were completed in Israel in less than a week: The Timora Fund, which is engaged in the purchase, promotion and management of real estate, announced that it was buying two buildings in the northern industrial zone of Lod for 131.5 million shekels. Properties are fetched from REIT 1 (TASE: RIT1). This is the third major deal in Israel’s income-producing real estate sector in recent days following a massive deal in the Ramat Gan Diamond Exchange last week and the purchase of half of a Tel Aviv building by Migdal Insurance and Financial Angels (TASE: MGDL).
The Temora Fund announced yesterday that it had recently signed an agreement, pursuant to which it will purchase the full rights to two buildings – two industrial buildings at 4 and 6 Himilacha Street. In the buildings are, among other things, the offices of the Lod Municipality Community Centers Company. The property extends over 16,200 square meters on a plot of 7.2 dunams (1.8 acres). The estate also has around 300 parking spaces, most of which are underground parking spaces.
The deal reflects about NIS 6,865 per square meter and about NIS 70,000 per parking space. The average rent for the two buildings is about 47 shekels per square metre. The northern industrial zone in Lod, where the two buildings are located, has buildings for office, industrial and logistic uses with third-sector tenants (social organizations), as well as courier companies and technology companies.
The Temora Fund, which is managed by co-owner Seuss Dodi Najimy and attorney. Guy Shaya focuses on the procurement, promotion and management of office, industrial and logistic properties. Former CEO of Industrial Buildings, Jerusalem Economy, and Azorim Properties Adv. Oded Shamir is the President of the Temora Fund. He also served as Chairman of Netivei Israel National Transport Infrastructure Co. After the recent deal, Timora Fund said that it plans to build a real estate portfolio over the coming years worth NIS 1.5 billion.
The two CEOs of the Temora Fund, Najmi and Shaya, said: “The northern industrial zone in Lod has a great demand that is expected to rise in the coming years due to its unique location and surrounding conditions. We believe in our ability to enhance the Temora properties in accordance with the Fund’s strategy.”
Almost a year ago, the Timora Fund bought Corex House in Raanana for NIS 110 million. The fund was established at the beginning of 2022, after collecting 250 million shekels, led by the Clal Insurance Company, which invested 200 million shekels. Last September, the fund completed collecting 450 million shekels.
Published by Globes, Israel business news – en.globes.co.il – on May 29, 2023.
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