Hagag Group Actual Property Improvement Ltd. (TASE: HGG), managed by Tsahi and Ido Hagag, has notified the Tel Aviv Inventory Trade (TASE), that it has gained an public sale issued by the Tel Aviv Municipality for 75.95% of the 5A and 5B heaps, masking 1.65 acres within the Bavli quarter of Tel Aviv. Hagag beat three different contenders with a bid of NIS 187.9 million.
The opposite 24.05% of the heaps belong to a spread of homeowners and Hagag will probably be required to both attain agreements with the opposite homeowners so as to transfer ahead with building on the location or file for the liquidation of a partnership and the acquisition of the remainder of the plot from its different homeowners.
In line with the municipal masterplan, the homeowners of the 5A and 5B plots have rights to construct a 37-floor residential tower with 114 housing models. Hagag says it’s assured that it will likely be capable of considerably enhance the constructing rights, as a part of the Tel Aviv’s 5000/TA plan.
The Tel Aviv Municipality has but to substantiate that Hagag has been awarded the public sale.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on February 15, 2021
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