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Hagag Group wins Tel Aviv Bavli lots
Hagag is confident that the building rights for a 37-floor residential tower will be substantially increased.
Hagag Group Real Estate Development Ltd. (TASE: HGG), controlled by Tsahi and Ido Hagag, has notified the Tel Aviv Stock Exchange (TASE), that it has won an auction issued by the Tel Aviv Municipality for 75.95% of the 5A and 5B lots, covering 1.65 acres in the Bavli quarter of Tel Aviv. Hagag beat three other contenders with a bid of NIS 187.9 million.
The other 24.05% of the lots belong to a range of owners and Hagag will be required to either reach agreements with the other owners in order to move forward with construction on the site or file for the liquidation of a partnership and the purchase of the rest of the plot from its other owners.
More buys stake in Hagag s Old North Tel Aviv project
YD More Investments has paid NIS 36.6 million for 20% of the 3,800 square meters lot in the Summayl district at the corner of Jabotinsky and Ibn Gbriol Streets.
YD More Investments Ltd. (TASE: MRIN) has bought a 20% stake in a Tel Aviv project from Hagag Group Real Estate Development Ltd. (TASE: HGG) for NIS 36.6 million. The project will be built on a 3,800 square meters lot in the Summayl district at the corner of Jabotinsky and Ibn Gbriol Streets in Old North Tel Aviv.
Hagag Group, controlled by brothers Tsahi and Ido Hagag, was awarded the lot in a competitive bid process in which it beat Azorim. The lot is being purchased for NIS 173 million. According to the master-plan that is currently valid, the lot has rights for an eight-floor apartment block with 38 housing units and 3,180 square meters of commercial premises. The pricing procedure was led by Advs. Shai and Boaz Raveh.