A huge deal in Hod Hasharon: Four companies acquire 147 dunam (147,000 sqm) of agricultural land for ILS 198 millionShafir, Africa Residences, Tzemach Hammerman and Elad Residences are together acquiring agricultural land in south-west Hod Hasharon, in the expectation that in the long term the designation of the land will be changed to residential • The deal is subject to the approval of the Antitrust Commissioner
13.12.2018 | Shlomit Tsur
A huge deal in the agricultural land market: Globes has learned that four large real estate companies yesterday evening (Wednesday) purchased 147 dunam (147,000 sqm) of land in south-west Hod Hasharon for ILS 198 million plus VAT. The buyers are Shafir Residences, Africa Israel Residences, Tzemach Hammerman and Elad Residences. The seller is Pardesei Yitzhak Efron Ltd.
The land is located in close proximity to Highway 5 and Highway 4, and behind the deal is the expectation that in the long term the designation of the land will be changed to residential use. The companies are to receive 60% of the value of the transaction in bank financing from Discount Bank.
This transaction is an exceptional one in terms of its scope because of the link-up of four large real estate companies to conduct the deal and acquire the land. Based on the fact that these are four large real estate companies, the transaction is subject to the approval of the Antitrust Commissioner.
The four companies making the acquisition were represented in the transaction by Adv. Levy Amitay and Yafit Felsenfeld of law firm Goldfarb; the seller, Pardesei Yitzhak Efron, was represented by Adv. Orna Sagiv. Discount Bank was represented by Assaf Englard of law firm Hamburger Evron & Co.