Shufersal and Tadhar Sign Combination Deal in Talpiot, Jerusalem

In depth

Shufersal and Tadhar have signed a combination agreement to build a residential, commercial and employment complex on Shufersal land in the Talpiot neighborhood of Jerusalem. Under the deal, Tadhar will build about 240 apartments, 56 of them for rental, alongside about 12,000 square meters of commercial and employment space. The joint investment is estimated at about NIS 460 million.

The project includes a 30-story tower and a 9-story mixed-use building, and also includes a new Shufersal branch. The project is nearing receipt of a building permit. Shufersal is expected to recognize a profit of about NIS 50 million before tax, subject to receipt of the permit.

The deal was signed through Oranim Investments, a wholly owned subsidiary of Shufersal. According to the stock exchange report, the project will include about 23,000 square meters for residential use, and 12,000 square meters for employment and commerce. This is the first time Shufersal and Tadhar are embarking on a joint venture in the real estate sector.