Real estate investment firm Reit1 (TSE: RIT1) has agreed to purchase a 45% stake in the former Sypholux factory site on Yigal Allon Street in Tel Aviv for NIS 127.7 million from A. Libental Holdings (TSE: LBTL), controlled by Ofir Arviv, and Admit Automotive Industries and Services of Jerusalem Ltd., owned by the Manor family.
The Seafolex site covers four dunams (one acre) on Yigal Allon Street near Hashalom Road and Hashalom Railway Station. The partners are promoting a plan to build a tower with 54,000 square meters above ground to rent for office and commercial use, and 12,000 square meters of space underground for commercial use and parking. The deal estimates the value of the land at 282 million shekels. The lower valuation may be due to the fact that partners along the way will have to renew leasing agreements with the Tel Aviv municipality for the site and pay about NIS 324 million for using the site for office, residential and commercial use.
Shmulik Rove, CEO of Reit1, said the deal was very important for the trust and was concluded against the backdrop of the strengthening of Tel Aviv’s office market in the past two years. “We see the Sypholux site, which enjoys a prime location next to the country’s main road junction and benefits from ideal accessibility by public transport, as an asset of the highest quality, with the possibility of obtaining an immediate building permit.
“We believe that in light of the recent geopolitical developments in our region, this is the ideal time to enter into a deal of this type. Together with our high-quality partners on the site, the Manor family and Ophir Arviv, we are confident in our ability to rapidly develop the project and exploit the unique potential of the site.”
Published by Globes, Israel Business News – en.globes.co.il – on November 12, 2025.
© Copyright Globes Publisher Itonut (1983) Ltd., 2025.
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