Connect with us

Hi, what are you looking for?

Jewish Business News

World News

Sagi in advanced talks to buy Tel Aviv’s Beit Lessin

Teddy Sagi will reportedly pay NIS 268 million for the complex, which has building rights for a 27-floor residential high rise.

Teddy Sagi

 

Israeli billionaire Teddy Sagi is continuing his real estate shopping spree in Tel Aviv. Sources inform “Globes” that the Teddy Sagi Group is in advanced talks with the Rahamim family and Azorim Investment, Development and Construction Ltd. (TASE: AZRM), which each own half the city’s Beit Lessin complex, to buy the property for $68.7 million.

The complex, next to Tel Aviv’s Kikar Hamedina, has building rights for a 27-floor residential high-rise with 8, 800-sq.m of living space, as well as service areas and an underground car park. In 2000, the Histadrut sold the Beit Lessin complex to a group of private investors for $14.2 million.

BET LESSIN - Teddy Sagi

 

 

The complex at 30-34 Weizmann Street, includes two small buildings, Beit Lessin itself and Beit Hamlin, which have commercial and office space leased to a range of businesses including First International Bank of Israel (TASE: FTIN), Mizrahi Tefahot Bank (TASE:MZTF) and the Roladin cafe chain.

The plans drawn up by architect Moshe Tsur call for 83 apartments in the tower but market source believe that ultimately 59 larger apartments will be built.

Sagi Group, Azorim, and the Rahamim family all declined to comment on the report.

Published by Globes [online], Israel business news – www.globes-online.com

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.