Delek sells land at 200 m to Harel and Tidhar – the capital market

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Signed a memorandum of understanding binding for the sale of land in Acre for NIS 200 million for a joint venture between the Harel Insurance Company and the Tidhar Real Estate Company. In the complex, building rights amounting to approximately 400,000 square meters for logistics, industrial and storage uses, and it is possible that residential building rights will be obtained in the future in order to economically justify the land clearing that requires an investment of tens of millions of shekels.

NIS 10 million has already been transferred to the Delek Group under the management of Idan Wells, and the balance of the consideration will be paid upon signing a detailed agreement within 30 days. The two purchasers have established a joint company engaged in the initiation, development and expansion of their income-producing asset portfolio. As part of this, a goal was set for locating, constructing and maintaining properties amounting to one million square meters within a decade, as these will be used for offices, commerce, logistics, student dormitories and rental housing.

“Our main task is to plan the land clearing project and get it carried out as soon as possible,” Said Gil Geva, chairman of the Tidhar Group. The compound, which has been used for many years by the petrochemical industries, suffers from pollutants that cause environmental damage. The completion of the purification project is a basic condition for the continued planning and development of the complex. ”

This year, the Delek Group will have to repay a debt of NIS 1.2 billion, and in a series of steps it has taken, including the accelerated realization of assets and the securitization of super royalties from the Whale Reservoir, has secured repayment. In April, it will have to raise NIS 50 million in accordance with an arrangement reached with the bondholders.