REALITY FUND SOLD THE PROPERTY ON KOOK ST. IN HERZLIYA FOR APPROX. ILS 34 MILLION

30.06.16

Reality Fund is pleased to announce the sale of the property on Kook St. in Herzliya, in consideration for approx. NIS 34 Million. The property, which was used as a Bezeq telephone exchange, was acquired in July 2011 for a total cost of approx. NIS 25 million and was sold to a group of private developers.
As part of its enhancement activity, Reality promoted a new zoning plan to change the designation of the site from communication to residence, while significantly increasing the building rights. Reality also added the adjacent parcel to the new plan, changed the access routes to the property and allocated space to the Herzliya municipality for a public garden. During the enhancement period, and as part of the Reality Fund policy to make the most use of the property in the interim period, the basement floor of the property was leased to the national life saving volunteer organization "United Hatzalah Israel", which uses the property as a training center to promote free of charge first aid training. In addition, most of the property's remaining areas were leased for the establishment of the "Herzliya Cross-fit" sports center.