Aura has signed a bank loan agreement with Bank Leumi and the Menora insurance company. Construction work in the area will begin soon, with the company intending to build all 500 apartments in the project at once
Aura Israel, controlled by Yaakov Atrakchi, reports to the Tel Aviv Stock Exchange today (Sunday) that it has received a building permit for the “Aura Ben Shemen” project in Lod and is also reporting the sale of 50% of the apartments in the project at this stage. Bank Leumi and Menora and construction work in the area will begin soon, and the company intends to build all 500 apartments in the project at once.
The “Aura Ben Shemen” project includes about 500 housing units, as well as commercial and public areas, of which sales agreements were signed for 243 housing units.
According to Yaakov Atrakchi, CEO and owner of Aura Israel, “I was not surprised by the success of the Ben Shemen project. Investors and young couples immediately recognized the potential of the project, which is in a winning position and at prices that no longer exist in Gush Dan. There is no doubt that prices in the neighborhood will rise sharply in the coming years. A project with power and presence, which will offer a combination of rural and urban – a pastoral environment with open spaces of extraordinary scope. “
Delivery of about 1,200 apartments per year
Aura has begun a massive handover of housing units in its projects in the third quarter and expects that over the next year it will begin handing over hundreds more housing units: Phase A of the Ono Valley project in Kiryat Ono, which has already begun – 330 housing units; Phase II of Ono Valley “- 342 housing units; “Aura in the Moshav” in Ahisamach – 217 housing units; “The Hanging Gardens” in Yehud (Phase D) – 300 housing units. The company recently finished housing the “Aura 300” project in Holon, which included 50 apartments. All this puts the volume of the company’s apartment deliveries at over 1,200 housing units in a period of about a year. In the Ahisamakh project next to Ben Shemen’s, all the apartments were sold, although the delivery date is expected to be another year.
Aura concluded 2020 with a significant improvement in financial strength. During 2020, shareholders’ equity increased by NIS 70 million to NIS 350 million, before weighting the results of the fourth quarter of 2020. At the same time, the company repaid bond payments and interest in the amount of NIS 227 million in 2020 – leaving the company with more than NIS 100 million is liquid for the continuation of its current activities and the promotion of new projects in 2021.
The company also expects that during 2021, additional surpluses will be released from projects that will end in the amount of NIS 250-280 million, and in addition the company will receive a cash flow from the sale of assets in the amount of an additional NIS 40 million. On the other hand, the company is expected to repay about NIS 160 million in the company’s bonds in 2021.