The Moore Investment House, through the provident funds it manages, entered into a partnership with the real estate development company Israel Canada in the purchase transaction of a complex known as the “Old Gates of Justice” in Jerusalem.
Israel Canada reports that Moore’s provident funds will invest NIS 90 million in the project by providing a non-recourse owner loan to the project company, while at the same time allocating 15% of its shares. Alongside them, additional parties will inject another NIS 30 million into the project company through owner loans, at the same time as allocating 5% of its shares. Subject to the approval of the Israel Land Authority (RMI) for the project and the completion of the partners’ investments, Israel Canada will hold 80% of it.
At the beginning of July this year, Israel Canada was declared by Asi Tochmeier and Barak as the winner of a tender for the purchase of lease rights in a complex of approximately 17 dunams located in Jerusalem, “Old Gates of Justice”, between Shmuel Baruch and Jaffa streets.
The company’s bid was for NIS 512 million plus VAT (significantly higher than the minimum price in the tender), and in addition, it will pay another NIS 25.5 million in development fees for the preservation of the hospital building in the complex. On the old Shaare Zedek complex, near the Mahane Yehuda market , A total of 240 apartments can be built (in two 24-story towers), alongside commercial and office space and a building for the preservation of a hotel.
Israel Canada already deposited a guarantee of NIS 63 million in July, when it won the tender. The rest of the payment, about NIS 475 million, should be paid within 90 days from the date of winning the tender (that is, within about two weeks).
Israel Canada, which is traded on the stock exchange at a market value of NIS 1.1 billion, intends to promote a new master plan for the complex, which aims to increase existing building rights to a level of 150,000 square meters. The existing hospital building in the complex is intended for preservation, and according to the tender documents, it is intended for hotel use with a scope of about 50 rooms, a conference and event hall and commercial areas.
*The article has been translated based on the content of Source link by https://www.globes.co.il/news/article.aspx?did=1001343926
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