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YINON SHAFRAN PURCHASED COMMERCIAL SPACE IN OR YEHUDA FROM ORON FOR NIS 24 MILLION

In 2019, Oron purchased an 8.6-dunam lot in Or Yehuda for the construction of apartments and commercial space – Now, it is selling the commercial space to Shafran Properties and Barak Menivim

15.12.2020 | Guy Lieberman


Oron Real Estate, a member of the Oron Holdings and Investments Group, is selling commercial space in Or Yehuda, located on land that the company purchased just one year ago. The commercial space being sold by the company spans 1,656 square meters and is included in a residential project that the company plans to develop. The company will receive NIS 24.1 million (including VAT) for the commercial space from Shafran Real Estate and Investments, together with Barak Menivim Ltd., owned by businessmen Yinon Shafran and Barak Hess.

The company purchased the land for this project in November of 2019, when it won the Israel Land Authority tender, beating out seven other bids submitted in this tender. The company entered into this tender under its previous name Arazim G.U.Y. The buyer is Shafran Real Estate and Investments together with Barak Menivim Ltd., whose owners are businessmen Yinon Shafran and Barak Hess.

The company announced that 246 apartments are scheduled to be built in the project, most of which are in the framework of the Buyer’s Price Program (Mechir Lamishtaken). Oron Real Estate is a member of the Oron Holdings and Investments Group, which promotes the construction of hundreds of apartments each year. In the field of the Buyer’s Price Program, the company has won tenders to build hundreds of apartments in Beer Sheva, Migdal Ha’emek, Or Yehuda, Mevaseret Zion, Rishon L’Zion, etc. The company is also very active in the field of Urban Renewal; and recently, its plans were authorized for projects in Givat Olga in Hadera and on Tel Aviv’s Derech Hashalom Road.

The Company’s CEO, Mario Koppel said: “This is an additional deal for the company that is in keeping with the company’s strategy to focus on its core business activity – the construction of apartments on a wide scale nationwide. We are pleased that in our new project for a new neighborhood in Or Yehuda, next to the Tel Hashomer army base and to Savion, our tenants will benefit from a high quality of life supported by amenities and quality commercial services, all close to home and without the need to drive a car.”

The seller was represented by Adv. Hagai Adoram and Adv. Chen Spadal of Adoram & Co., the buyer was represented by Adv. Assaf Englard, Senior Partner and Adv. Gilad Goni of Hamburger Evron & Co.