Efi Properties acquires half of an office project in Hodash – Real Estate

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Epic Properties
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Signed an agreement to purchase 50% of an office project in Neve Ne’eman Park, in Hod Hasharon. The project includes eight office buildings in a total built area of ​​about 45 thousand square meters, parking and adjacent land in an area of ​​about 18 thousand square meters designated for construction. The value of the property for the purpose of calculating the consideration was set at NIS 656 million.

Efi Properties is promoting the deal together with a partner who currently actually manages the complex and holds about 33.3% of the rights in the park, the rest of the rights are held by a number of different sellers. Upon completion of the transaction, Efi Properties and the partner will hold equal shares in the project.

Effie Properties and the transaction partner transferred an initial payment of approximately NIS 116 million upon signing the agreement. The balance of the consideration will be transferred upon completion of the transaction, which is expected by the end of July 2021. The transaction is subject to acceptable conditions of suspension, which include, among other things, the approval of the competition commissioner.

As of the date of signing the agreement, the population rate in the project is about 86% and it is leased to dozens of different tenants in a 2.5-year lease. The annual NOI resulting from the project is about NIS 35 million.

Epi Properties and the partner intend to work to improve the project in parallel with the advancement of a planning procedure in order to increase the building rights in the land in favor of the construction of additional office buildings despite the Corona crisis,

In recent months, Efi has completed the acquisition of office complexes in Romania and Poland, the opening of the Efi Brasov mall in Romania in an area of ​​approximately 43,000 square meters, which is almost fully leased.

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Completed its control of Effie this month when it rose to a 60% holding. The transaction was carried out as part of an exchange purchase offer, when the buyer Big allotted Lafi its shares worth about NIS 1.65 billion.

Avi Barzilai, CEO of Efi Properties: “The company is in a significant momentum of action, despite the challenges posed by the corona crisis and global uncertainty. This acquisition is an opportunity for us to increase our office portfolio in Israel and to have a high-quality and advanced office park. We have accumulated a great deal of experience in managing the science park in Ness Ziona and we believe that we will, thanks to the vast knowledge we have accumulated, and together with the partner to flood significant value in this unique project. This project, together with the completion of the deal to acquire offices in Romania and Poland, is expected to significantly increase the company’s NOI and FFO. ”

Avi Barzilai, Photo: Tamar Mitzpi