Kardan Real Estate Enterprise and Development Ltd. (TASE: KARE), a subsidiary of Kardan Israel (TASE: KRDI), has notified the Tel Aviv Stock Exchange of a combination deal with the private owner of 65 dunams (16.5 acres) of land in the Ramot neighborhood of Jerusalem. The precondition of the deal is approval of an Urban Building Plan to be promoted by the company within a period set in the agreement. The company estimates that, when the plan is approved, it will be possible to build some 1,200 housing units on the land. The value of the land is put at NIS 800 million. Construction costs are estimated at NIS 1.1 billion.
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Kardan Real Estate, headed by Amos Dabush, is currently involved in the construction of some 560 housing units in Israel, and is planning and holds land for projects totaling 4,575 units. It is also involved in urban renewal schemes covering 3,285 units. The company has market cap of about NIS 900 million.
Published by Globes, Israel business news – en.globes.co.il – on December 1, 2021.
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