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Electra needs
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Held by
Elco
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(47.81% control) and director Zvi Schwimmer reports the signing of an agreement in principle with a reality fund (real estate investment group) according to which Electra should sell to the reality fund half of the company’s real estate complex in Rishon Lezion, at a value of NIS 275 million. The transaction is carried out at a value that is 27% higher than the land value of the complex, which stands at NIS 216 million and reflects an increase in value of about NIS 60 million.
The complex, which covers an area of 55.7 dunams, currently houses the Electra offices and the company’s air conditioning plant that will be moved to Ashkelon. After the complex is evacuated, the parties will jointly establish a real estate project. The complex is located in the business and commercial center of West Rishon Lezion, on Yosef Sapir Street. The complex is within walking distance of the Rishonim train station.
Electra needs to be traded at a value of NIS 3 billion. Since the beginning of the year, the stock has yielded 25%. Electra and Reality intends to establish a huge real estate project in the complex that will be evacuated and to promote, in cooperation with the Rishon LeZion Municipality, a plan that improves the property by increasing the building rights and adding uses. The approved plan currently allows for the construction of approximately 181,000 square meters of surface and approximately 85,000 square meters of underground for use in commerce, offices, clean industry, cultural buildings and knowledge-intensive industry.
Zvika Schweimer, CEO of Electra Consumer Products: “The partnership between Electra Consumer Products and the Reality Fund is a strategic partnership designed to maximize the tremendous potential inherent in the Electra complex. This partnership also enables EMC to enjoy the fruits of the joint venture over many years. The Electra complex is located in one of the most sought-after land divisions in the country and in the area that has enjoyed increasing demand in the last two years. The project that we will build together with Reality will be one of the significant projects in the entire Gush Dan. “
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