REALITY FUND SELLS ITS YAD ELIYAHU, TEL AVIV PROPERTY FOR ILS 44 MILLION

20.05.14

Reality Fund is happy to announce the sale of the property, once used as a Bezeq exchange in the Barbour neighborhood of Yad Eliyahu, Tel Aviv, for about ILS 44 million. The property was purchased in 2010 from Bezeq for about ILS 20 million. As part of the enhancement steps it took, Reality acted to promote a new zoning plan, in which the property will be redesignated from crafts and industry to a mixed use of senior housing, student housing and retail, with a significant increase of the building rights from 120% to about 600% after the redesignation. During the enhancement period, Reality made the property available for social and community initiatives.