Rehovot Land: Kaldash, Municipality Negotiate $12 Mln Land Swap Deal

Kaldash will return the old Maccabi sports stadium in exchange for building rights in the northern part of the city.

"The Rehovot municipality and Shrem Fudim Kelner & Co. (TASE:SFK) subsidiary Polar Real Estate recently concluded a land swap deal in the city. Polar Real Estate gave the municipality a plot on Herzl St. in the city center, originally zoned for 200 apartments and 4,000 sq.m. of commercial space, receiving an equivalent plot in the northern part of Rehovot in exchange.

The municipality initiated the deal because it wants the plot in the city center for public buildings, including a municipal library.

Polar Real Estate will sell the apartments for an estimated $40 million, and the commercial space for $10-12 million. Demand for residences in northern Rehovot is high. Azorim Investment, Development and Construction (TASE:AZRM), Kardan Real Estate (TASE: KRDR ) and Hiram Gat Engineering and Construction (TASE:BYKG) have built hundreds of apartments in the area."

Source: Elazar Levin. Kaldash, Rehovot Municipality Negotiate $12 Mln Land Swap Deal (27 April 2003) [FullText]