Hamburger Evron & Co.

  • 30.03.2015, Harel Insurance to finance construction of a commercial complex in Nazareth to the tune of NIS 150 million, Calcalist

The approximately 44 thousand square meter complex is to be built by “Grofit” and built in two phases at a total cost of about NIS 230 million

Harel Insurance Company will finance real estate company Grofit’s construction in Nazareth of a commercial center that incorporates offices too. The extent of the financing amounts to about NIS 150 million of the approximately NIS 230 million required to build the complex. The value of the entire project is estimated at approximately NIS 280 million.

The project spans an area of approximately 58,000 square meters (58 dunams) and is expected to include a total built up area of around 42,000 square meters to be built in two phases: approximately 20,000 square meters during the first phase at an investment of approximately NIS 94 million, and additional commercial and industrial space comprising 22,000 square meters will be constructed in the second phase, at an additional investment of approximately NIS 136 million.

The project is located in northwest of Nazareth along highway 79 at the intersection leading into the city. It is being constructed by A.R.G.R. Zippori, a subsidiary of Grofit Civil Engineering and Public Works, controlled by Amir Rachlevsky and additional partners, including Assur Zamir. Harel will finance the transaction as is customary in real estate project financing transactions, in which money is released based on project progress.

The project was led on behalf of Harel by Itzik Tawil, Credit Manager at Harel, and Yaakov Nitsan, who heads the arm dedicated to the financing and accompaniment of real estate projects.

Harel is represented in the transaction by attorneys Yariv Shalom and Yoni Steinmetz of law firm Lipa Meir & Co., and A.R.G.R. Zippori is represented by attorneys Assaf Englard and Michal Mendelson of law firm Hamburger Evron & Co.