Purchase of Lynn House from Bank Leumi

Advocates Avi Ben-Yaakov, Orel Bar Dayan, Reut Glick and Yossi Bregman of our firm represented Bank Leumi in a transaction to sell 50% of the bank’s rights in Beit Lin, located at the intersection of Lilienblum, Yehuda Halevi and Nahalat Binyamin streets in Tel Aviv, to an investment fund for NIS 325,000,000.

The building has 17,000 square meters designated for office rent, 250 parking spaces and additional building rights. Leumi, which moves to Lod, will enjoy a high capital gain. The bank will remain a partner in the building, expecting that the real estate market will not crash, and it will be able to benefit from future improvement through the construction of apartments, commercial areas and hotels.

At the same time, the parties entered into an agreement to regulate the sharing relations in the property, in order to improve it.

See full article