Paz sells real estate assets for NIS 127m

By Investor Empires On Oct 31, 2024

Paz Retail and Energy (TASE: PAZ) announced today that it has sold land and logistics assets for a total of NIS 127 million to Egged Real Estate, the real estate arm of Egged Transportation and Keystone Infrastructure Fund (TASE: KSTN), and Nadav Corporation. for. Logistics services.

Three assets are the subject of the deal. The first is nine dunams of land in the Ra’im Junction, worth 45 million shekels. The second is a plot of land with an area of 18 dunums in the industrial zone in Beersheba, worth 30 million shekels, of which seven dunums are leased to Paz Gas; The third, with an area of 10.5 acres in the northern industrial zone in Ashdod, is worth 52 million shekels. Paz Retail and Energy will make a profit of NIS 35 million from the sale.

Harel Luker, Chairman of Baz, said: “Baz will continue to realize assets that do not serve its core business, in accordance with its strategic plan, the focus of which is to focus and grow in the core businesses of energy, stores and food, along with the sale of redundant historical activities and assets. “

Under the deal, Nadav B. Logistics will purchase from Egged Real Estate Company 50% of a ten-dunam plot of land allocated to build a joint logistics center in the Rosh Industrial Zone in Beit Shemesh for 28 million shekels, bringing the total cost and value of the land in the tripartite deal to 155 million. NIS.

Egged Real Estate Company and Naddaf B. said: Logistics The partnership and purchase of land from Baz will lead to the construction of four projects with a joint investment of hundreds of millions of shekels. It is planned to establish a commercial center with an area of 8,500 square meters in Ra’im Junction. It is planned to establish a logistics center with an area of 14 thousand square meters in the northern industrial zone in Ashdod, and in Beersheba an urban development plan that combines housing, trade, industry and public buildings is being promoted. In the Brosh Industrial Zone in Beit Shemesh, another logistics center with an area of 12,000 square meters is scheduled to be established.

Published by Globes, Israel Business News – en.globes.co.il – on October 31, 2024.