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The companies Sela Reality and Ista Real Estate announced today a combination deal in the southern industrial area of Yakneam. The two companies, partnering with a private landowner, will build a building with an area of 25 thousand square meters on a 4 dunam parcel of land. The cost of building the project is estimated at NIS 200 million.
The project is in the planning process. Elad Cohen, CEO of Sela Reality from the Sela Binui Group: “There are approximately 120 hi-tech companies in the area, an area that is 100 percent occupied. From the first day we entered into the deal, we took the risk and started planning, as if we had already signed. We have been planning the project for about 4 months, so we hope to break ground at the beginning of next year.”
Simulation of the project in Kneam (simulation courtesy: Sela Binui)
Sela Reality was founded in 2002 as a real estate investment fund. The company’s assets include office buildings, commercial, industrial and logistics spaces, a hotel, a nursing home and a rental housing cluster. The company has 40,000 square meters of office space, 15,800 square meters of commercial space and 23,800 square meters of industrial and logistics areas. The value of the company is NIS 2.2 billion.
Ista’s real estate investment activities are carried out through its 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 Kerami Hotel in Kiryat Inavim, about half of the Brenner Hotel in Tel Aviv, and half of the Publica Hotel in Herzliya and some 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. The value of the company is NIS 1.76 billion.
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.
The company that initiates and builds thousands of apartments in projects throughout the country will add about 50 employees to its ranks. Sela Binui is one of the leading real estate companies in Israel and operates in a number of different segments, including initiation and implementation, urban renewal, income-generating properties, utility vehicles, and more.
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