Elad Residence sells rights to a shopping center in Jerusalem for 89 million shekels

The planned Zangwill Street center will cover 6,200 square meters extending over three levels near major transport routes and the light rail station

28.01.16| Dotan Levy

Calcalist has learned that Elad Israel Residence, a private company owned by Yitzhak Tshuva, has sold its rights for the construction of a retail shopping center in the Bait Vagan neighborhood in Jerusalem to B.D.F.I of the DV Rose Group for a sum of 89 million shekels.

The retail center has not yet been built and, according to the deal, is to be transferred to the buyers after Elad completes construction. The planned center, with an area of 6,200 square meters over three levels, is located on Zangwill Street near major transport routes and the light rail station. The zoning plan for the entire project was recently approved, and Elad is working to obtain a building permit. It is expected that occupancy of the center will take place in 2019, at the same time as occupancy of the residential neighborhood adjacent to it.

The DV Rose Group engages in property management with a focus on investment in and the management of neighborhood retail centers. “We made the investment after thorough analysis of the surrounding area and our conclusion is that quality retail spaces in the Bait Vagan and Kiryat Yovel neighborhoods is in short supply. Potential tenants are already showing considerable interest,” said Tzipi Weiner, the Group’s VP Marketing and Operations.

Elad Residence was represented in the deal by Attorney Ofer Freilich of law firm Meitar, Liquornik, Leshem & Co. and Attorney Eyal Benzaken of Benzaken, Greengleek & Co. The buyers were represented by Attorney Yifat Alter of law firm Alter Chemo and Attorney Assaf Englard of law firm Hamburger Evron & Co. Elad Residence refused to comment on the deal.