Delek Israel Properties Acquires Nachshon Junction Complex for 31.6 Million NIS

Delek Israel Properties announced the completion of an acquisition deal for 100% of the shares holding the rights to the Nachshon Junction gas station complex, in a partnership with Delek Israel for a total consideration of approximately 31.6 million shekels. Delek Israel Properties and Delek Israel will hold the acquired rights in equal parts.

The Nachshon gas station is located on Route 44, near Nachshon Junction and its intersection with Route 3, in the Mateh Yehuda Regional Council area between Ramle and Beit Shemesh. A Delek Israel refueling station operates at the complex, alongside a Joe convenience store and automotive services. The location on one of the connecting routes between the center and Jerusalem provides potential to serve as a commercial hub.

"The deal in Nachshon expresses the way we seek to grow - not only by increasing the volume of assets, but by acquiring assets where we identify real potential to increase revenues and NOI over time," said Felix Shofman, CEO of Delek Israel Properties.

Commercial Development and Expansion Plans

The partnership aims to act for the improvement of the real estate and the exhaustion of the commercial potential. The planning examined at the complex includes the establishment of a two-story building with a total built-up area of approximately 1,710 square meters, alongside the continued operation of the existing gas station. The ground floor is intended for commerce and dining, while the upper floor is designated for offices, with the addition of electric vehicle charging stations.

"The combination of a central location, significant traffic on adjacent routes and existing activity in the complex allows us to enter an asset with an existing operational base, and at the same time generate an additional layer of value through commercial development," added Shofman.

Last month, the company signed a long-term lease agreement for 25 years with the Profit fitness club chain. Under the agreement, the chain will rent an entire floor of approximately 1,700 square meters at the Castel complex in Mevaseret Zion, raising the occupancy rate in the complex to 75%.