Kardan will promote the construction of a thousand apartments on agricultural land in the Sharon – real estate

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Cardan Real Estate
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Reports that it will provide through the subsidiary El Har Management and Planning Services in a residential project promoted on agricultural land in the Sharon area of ​​approximately 192 dunams, when under the agreement a registered partnership was signed with the customer, according to which Kardan will be required to acquire 50% of the partnership rights. No amounts were reported in the transaction. Kardan estimates that the potential is for the construction of about 1,250 apartments in the said area. the mother’s friend,

Cardan N.V.
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The consideration that Cardan will receive in the transaction depends on the success of the approval of the plan (a change of use of agricultural land to residential land is required), as well as the increase in the value of the land. It was also agreed that Kardan would provide a guarantee of NIS 50 million for a loan taken out by the partnership from one of the banks against the land lien.

If the plan is approved, the partnership will be able to exercise Cardan’s option to purchase half of the rights in it by way of allocating rights, and in an amount to be determined according to the value of the partnership after the plan is approved.

At the beginning of January, Kardan Real Estate reported that El Har will build 314 apartments in Rishon Lezion, as part of a project that will be spread over three 27-story buildings in the Daffodils neighborhood in the city. The project is expected to continue for about 35 months. Amounts to NIS 270 million.