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50-storey tower to rise near Diamond Exchange

The site currently serves as a parking lot.

Michal Margalit 27 May 08 17:45

A consortium of real estate companies will build a 50-storey tower at the Ramat Gan Diamond Exchange at a cost of NIS 400 million. The consortium comprises Aviv and Co. Building Company Ltd., Tidhar Group Ltd., and Rogovin.

The building is located on a seven-dunam (1.75-acre) lot at the corner of Bezalel Street and Hayetzira Street is one of the largest land reserves in the area and currently occupied by a parking lot. Tidhar and Rogovin bought the land in 2001 from 20 landowners, some of them diamond merchants, in a combination deal. Aviv & Co. joined the consortium later.

This is Aviv & Co.'s first project since it sold the controlling interest in Ocif Investments and Development Ltd. (TASE: OCIF) to Arcadi Gaydamak in April 2007 at a company value of NIS 1 billion.

Published by Globes [online], Israel business news - - on May 27, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
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