Electra Construction: Project in Or Yehuda for NIS 386 million – the capital market

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It is reported that the subsidiary Electra Construction, which carries out the company’s real estate projects in Israel, will be the operating contractor for the Ono Center construction project in Or Yehuda, amounting to NIS 386 million.

The project, which covers an area of ​​about 50,000 square meters, is located in the ‘Beit BaPark’ neighborhood adjacent to Road 461, where Electra will build 197 housing units in 4 residential buildings of 12 floors each, over two commercial floors, 4 office buildings connected by 5 floors each above two commercial floors, as well as underground parking floors.The construction period is estimated at about 31 months and is expected to begin in February 2021.

Yaron Sorek, CEO of Electra Construction: “Electra Group is currently in a record boom of construction in dozens of projects around the country. This project is another tier in the group’s extensive activity in Israel.

The project is an initiative of the “Mishkenot Geshem Ha’aretz” company from the Geshem Holdings group. Rain Holdings Company: “This project is a flagship project of the company, out of a backlog of dozens of projects nationwide. The marketing and planning work at Ono Center has been done very carefully.”

The project is in addition to the construction projects that Electra has won in the last six months, totaling NIS 1.5 billion, among them: the ‘Infinity’ project of the Hajjaj brothers in the Somail complex, Tel Aviv; the ‘Park Hayam’ complex of the Zeituni Group in Bat Yam And the Chemistry Building Project at the Weizmann Institute of Science in Rehovot.

Another project that the company won last month is the Kiryat Hamishla project in Netanya, in which Electra will invest NIS 250 million, in return it will receive an income of NIS 15 million for 25 years and a construction grant of NIS 33 million; The campus will cover an area of ​​about 30,000 square meters and is expected to be built on the Ben Zvi axis in Netanya.

Electra ended the third quarter of 2020 with a net profit of NIS 50.8 million, compared with NIS 112.9 million in the corresponding quarter last year. The profit last year included a profit after tax of a non-recurring nature in the amount of NIS 92 million (NIS 116 million before tax) from the sale of the natural gas distribution activity in the south of the country. Excluding this profit, the company recorded a net profit of about NIS 21 million last year, so that the net profit increased by about 144%.