Israeli actual property firm Azrieli Group (TASE: AZRG) has notified the Tel Aviv Inventory Trade that it has acquired the Purple Rock lodge in Eilat. Azrieli can pay NIS 130 million for the lodge and the constructing rights on 9 dunams (2.25 acres) of land on which it stands on the western finish of the Purple Sea resort’s North Seaside.

Azrieli studies that it plans demolishing the lodge and investing NIS 500-600 million in constructing a brand new lodge. The corporate will proceed working the present lodge till it’s demolished.

Based by the late David Azrieli, the corporate constructed Israel’s first buying malls earlier than diversifying into workplace area and extra lately senior residents properties, information facilities and accommodations. The Purple Rock Resort would be the second lodge in Azrieli’s portfolio after the acquisition of the Mount Zion Resort in Jerusalem in December 2019 for NIS 275 million.

Printed by Globes, Israel enterprise information – en.globes.co.il – on April 18, 2023.

© Copyright of Globes Writer Itonut (1983) Ltd., 2023.