Planning to visit Eilat this summer? Check out the new commercial center

Eilat, Israel's southernmost city, is continuing its development as Israel Land Development Company real estate company updates receiving Form 4 from the Eilat Municipality for the "Seven Stars" commercial center, set to open soon. Established in the past two years on approximately 10 dunams of land in a central location at the city's entrance, facing the "Terminal Park" located on the old airport grounds, the center includes a commercial complex covering approximately 7,200 square meters, with an ownership share of 6,600 square meters belonging to the company.

Among the tenants in the center are leading brands, networks, and entities, including: Be by Super-Pharm, Bank Hapoalim, Bank Yahav, Foot Locker, Billabong, INTIMA, Fox, Super-Pharm, Speedo, BiPri, Ushi Ushi, A.L.M., Sketchers, Iruka, Golf, Emanuel, Super-Pharm, Aphrodite, Yardan, Soltam, Iruka, Weshoes, Icell, Rayban, and more.

The center is expected to yield a NIS 20-19 million NOI annually. Currently, the settlement company has signed rental agreements covering approximately 76% of the projected NOI, and the company is promoting the rental of additional spaces. The settlement company is expected to commence occupancy of the premises in the near future, with the property's income generation expected to begin as early as the third quarter of the year. The property is valued at approximately NIS 241 million in the company's books. This marks another significant milestone for the settlement company in the development of its income-generating asset arm.

"An attractive facility for city residents and tourists" Ofer Nimrodi, CEO of Israel Land Development Company: "The Seven Stars commercial center in Eilat, which is set to be occupied in the coming weeks, will be an attractive facility for city residents and tourists. The center offers a variety of shops that will cater to leisure, entertainment, clothing, dining, banks, and more. Its location at the entrance to Eilat enjoys high accessibility and proximity to central tourist areas. The tenants with whom we have signed agreements include leading retail and service groups in the economy. The launch of Seven Stars Eilat adds another high-quality asset to the company's income-generating arm, expected to yield approximately NIS 200 million NOI annually starting next year."

In addition to this project, in the current quarter, the settlement company began the construction of the Medical Center project in the BBC complex in Bnei Brak, covering an area of approximately 57,000 square meters on 20 floors, serving as a medical and geriatric center. The project received permits in recent months, is scheduled for completion in 2026, and is expected to yield approximately 40 million NIS annually. Another project currently being established by the company is the Yaakov Nimrodi Tower ("Maariv House") in Tel Aviv, with construction expected to be completed by 2028.