Over NIS 1 Billion: Y.H. Dimri buys Hanan Mor's Sde Dov land

A major deal has been signed in Sde Dov: Y.H. Dimri announced this morning (Thursday) that it has entered into an agreement with the trustee of a company from the Hanan Mor Group to purchase all rights to the land it holds in the Eshkol neighborhood in the Sde Dov area, known as plot 107, for approximately NIS 1.1 billion ( $300 million, plus VAT), including development expenses previously paid by Hanan Mor.

This amount is about NIS 500 million less than the price Hanan Mor Group paid for the plot about three years ago. Debts amounting to NIS 1.3 billion for the purchase of the land in Sde Dov are considered a central reason for Hanan Mor's collapse last year. It should be noted that recently Hanan Mor, the founder and chairman of the company bearing his name, announced his resignation from his positions.

According to the plan's provisions, the land can be developed into 458 residential units in two high-rise buildings and additional low-rise buildings, along with commercial and hotel spaces. The proposed project design includes two towers of 39 and 16 floors, as well as two low-rise buildings of 8-9 floors, all above a shared parking lot.

Three of the four buildings will include 1,500 square meters of commercial space (gross), and one will include a 70-room hotel with a built area of about 2,500 square meters (gross). The construction cost of the project, after purchasing the land, is estimated at approximately NIS 1.04 billion (excluding financing costs). Therefore, the total investment in the project will exceed NIS 2.5 billion ($680 million).

Yigal Dimri, CEO and controlling shareholder of Y.H. Dimri said: "Subject to a suspensive condition, we are announcing today the purchase of a land division in Sde Dov, in a deal that reflects the strength and advantages of Y.H. Dimri as a strong and leading residential real estate company in Israel. This is a planned land division that is almost immediately available for construction. Y.H. Dimri enjoys high financial stability and flexibility, supporting the company's ability to carry out transactions that will continue to drive it forward."

Dimri said that, "We are currently operating nationwide with projects targeting all population segments, and the project we will build in Sde Dov expands and enhances our activity portfolio. We intend to bring the company's extensive experience and our execution capabilities to the Sde Dov project to establish a project at the highest level."