REALITY FUND SOLD A PROPERTY IN THE AJAMI NEIGHBORHOOD OF JAFFA FOR ILS 70 MILLION

10.03.16

Reality Fund is happy to announce the sale of its property at Donolo Ha-Rofe St. in the Ajami neighborhood of Tel Aviv, for ILS 70 Million. The property was purchased in a tender of the Israel Land Authority, in July 2013, for about ILS 37 million.
In the context of betterment efforts, the Fund worked to promote a new zoning plan, under the authority of the Local Planning and Building Committee, to significantly increase the number of residential units authorized to be built on the land. At the same time, Reality obtained confirmation from the Israel Land Authority that registration of the rights in the land will be possible, subject to the approval of the new plan and Parcellation of the land