menu-icon Sela-logo

Akro and Sela-Ista won two tenders in Ramat Afel – together they will pay NIS 291 million

Guy Nardi Calcalist|09.03.2023

Sela-Ista, a partnership of Ista and Sela Binui, won a RMI tender to establish an employment center in Ramat Afel, on a plot of land with an area of approximately 12 dunams in Ramat Afel, for NIS 120 million. The additional development costs are estimated at NIS 34 million.


The land is part of the Complex 5 plan in southern Tel Hashomer, which covers 558 dunams north of Route 461 and south of the Sheba Medical Center, and includes, among other things, about 3,050 housing units and 360,000 square meters of commercial and employment space. On the lot Sela-Ista won It is possible to build commercial and employment areas to the extent of 100 thousand square meters, in 6 and 15 story buildings. According to Ista’s announcement: “We will work to improve construction rights, including the partial conversion of employment rights to residences, within the provisions of the Settlements Law.”


According to the terms of the tender, the winner undertakes to complete the construction within 60 months from the date of winning. It should be noted that only 3 bids were submitted for this tender. The second offer was NIS 80 million.


Ista, controlled by Ahashi Gal and the Israel Student Union, recorded a gross profit of approximately NIS 40 million in 2020, and approximately NIS 62 million in 2021. The company’s report for 2021 states that “the profit derives mainly from investment real estate activity.”


The company’s investment real estate activities are carried out through the subsidiaries Ista Properties, Ista Hotels 2 and Ista Hotels World. The company owns, among other things, a third of the Neptune Hotel in Eilat, about a third of the Karemi Hotel in Kiryat Inavim, about half of the Brenner Hotel in Tel Aviv, and half of the Publica Hotel in Herzliya and parts in hotels in Cyprus, Greece and Portugal.


The company owns land, in partnership, for shopping centers in Kiryat Bialik, Jerusalem, Tel Hashomer, Ramat Afel and Rishon Lezion. The company is also a partner in employment, industrial and commercial buildings in Tel Aviv and Migdal Hamek. Ista (subsidiary Sela-Ista) is in the construction phase of residential projects in Tel Aviv, Ramat Gan, Herzliya and Rishon Lezion.


Ramat Afel (image: courtesy of Sela Binui)


Ista, together with partners, has a variety of land and logistics buildings, mainly in the Ashdod port area. It is possible to mention a logistics center with an area of about 20 thousand square meters that is leased to the Orian company in Beit Halkiya; a logistics center with an area of about 13 thousand square meters that is leased to a logistics company in Beit Halkiya; A plot of land with an area of about 5 dunams designated as an industry that will be leased to the DHL company in Beit Halkaya; A compound with an area of about 102 dunams in Moshav Magen Shaul; A logistics park with an area of approximately 107 dunams in the Yoav employment park; and an industrial and commercial logistics park in the Timurim industrial area with an area of approximately 65 dunams. The profits of Ista In the field of logistics they have grown a lot in the last year.


Acro won an area of 14 dunams
In the meantime, Akro Group reported that it won a tender from Rami for the purchase of a plot of land with an area of about 14 dunams in Ramat Afel in the same complex, in exchange for about NIS 96 million and an additional NIS 41 million for development expenses.


The lot is intended for the construction of employment and commercial areas with a total scope of 106 thousand square meters, of which about 3,500 square meters are for commerce, and the rest for employment. According to the existing construction plan, it will be possible to erect four 15-story buildings above the ground on the lot and another four buildings in textured construction. 6 bids were submitted for the Rami tender, with the amount of the second bid being NIS 85 million.


Akro Real Estate, managed by Ziv Yacovi, recently reported on 43% growth in revenues in 2021, which reached NIS 701 million. The company participates in the initiation, planning and construction of 45 projects (in various stages and together with partners) that include approximately 7,200 apartments, of which 26 are projects in the field of urban renewal that also include office and commercial spaces. Among the company’s prominent projects, we can mention the Banaut Afka golf complex project, the Vysotsky project, the Akro business center complex at Savion Junction, Maccabi Jaffa and the Maza Tower in the Hasan Arapa complex.



readTo read the article in CALCALIST

More from the Sela Binui group

Sela Reality and Ista Real Estate will build 25,000 square meters for employment in Kneam

The companies announced today a combination deal worth NIS 200 million, in the southern industrial zone of Yakneam. They teamed up with a private home owner, and are now planning the building that will be built on an area of 4 dunams: "From the first day of the deal, we took a risk and started planning, as if we had already signed."

Guy Nardi Calcalist|09.03.2023

150 new apartments in two months: Afka returns Kiryat Bialik to the list of sought-after cities

The CBS report published this month regarding the requested amount of new apartments in Israel indicates the return of Kiryat Bialik to the list of cities where the highest amount of new apartments were sold. Behind this figure is the growing Afka neighborhood between the green spaces of the Ein Afka reserve and the main transportation arteries of the north.

North News|09.03.2023
forwardBack to the blog

This site uses cookies for various purposes, as detailed in the privacy policy, learn about our privacy policy

I confirm that I read

Send a resume


Thank you, your details have been received

Our representatives will get back to you as soon as possible.