The insurance company Hachsharat Ha'Yeshuv, owned by Eli Elezra, purchases a yielding real estate property for NIS 61 million , for a yield of 7.5%. The building has an area of 5,500 sqm and parking parcels, in Bynyamin Avenue, in the centre of Netanya and is under construction, a process which is expected to be finalized by September 2009.

75% of the building, about 4,000 sqm, is rented to Macabi Health Care services for 10 years, with an option for extension to additional 10 years. The rent paid by Macabi is expected to estimate at 4.5 million NIS per annum, an amount which reflects an average price of about 68 NIS per 1 sqm.

The Seller is a group of private investors, represented by Adv. Eli Eshel from Yoram L. Cohen, Ashlagi, Eshel- Law Offices.

Due to extensive competition between insurance companies on the purchase of existing yielding real-estate properties, insurance companies have begun to purchase such properties already in the stage of construction, about a month and a half ago Harel Insurance Company purchased the Train Tower in Tel Aviv for an amount of 55-60 million US$.

{this article was published in "The Marker" on 30.5.08}