Electra Consumer Products to rent 20,000 sqm in 'Mitham HaElef' from Ashtrom
Police shut down two construction sites of a contractor operating without a license following a fatal accident. Tel Aviv Municipality to relocate its separate beach to the city's north. BST Group, Phoenix, and Menora Mivtachim acquired a residential portfolio in Canada for 332 million shekels.
Deals
Electra Consumer Products to rent 20,000 sqm in 'Mitham HaElef' from Ashtrom
Electra Consumer Products and its subsidiaries have signed a lease agreement with Ashtrom for approximately 20,000 sqm in the 'RISHO Mitham HaElef' project in Rishon LeZion, with move-in expected by the end of the year. While the exact rent remains undisclosed, market estimates for the area suggest around 70 shekels per sqm, implying a monthly rent of approximately 1.4 million shekels and an annual cost of about 17 million shekels.
'RISHO Mitham HaElef' is a rental-focused project shared by Ashtrom and Phoenix (which holds a 26.07% stake). The project spans 5 buildings on a 60-dunam plot, with total building rights of approximately 305,000 sqm.
The first phase includes three office buildings totaling 120,000 sqm above commercial and parking levels. Additionally, the Phoenix campus, consisting of two buildings totaling 50,000 sqm, is being constructed on-site, though it is not part of the Ashtrom-Phoenix partnership.
Planning
Tel Aviv Municipality to relocate separate beach to the city's north
The Tel Aviv Municipality has announced the relocation of the separate ("religious") beach, which has operated near Metzitzim beach for decades, to the city's northern border. The current site will be opened to the general public, creating continuous access along the promenade.
The new location, adjacent to the existing separate beach in Herzliya, is expected to improve services for the religious public. The proximity of the two sites will allow men and women to visit the beach area simultaneously while using separate facilities, replacing the current system of alternating days. Discussions with the Herzliya Municipality and the Ministry of Interior are ongoing to finalize the project's scope.
Safety
Police close two construction sites over license suspension
The Israel Police, in coordination with the Ministry of Labor and the Ministry of Construction and Housing, halted operations at two construction sites in the Tel Aviv and Sharon area. The contracting company had continued to manage the sites despite a license suspension following serious safety violations and a fatal accident in late June. Five individuals have been detained for questioning.
The investigation was led by the PLS division (safety crimes) of the Lahav 433 unit following reports from the Registrar of Contractors. Despite the suspension, the company continued its activities, prompting a raid by detectives and safety inspectors. The police reaffirmed their commitment to combating negligence and criminal activity within the construction industry.
Deals
BST Group, Phoenix, and Menora acquire 487 rental apartments in Canada
BST Group, alongside Phoenix and Menora Mivtachim, has completed the acquisition of a 487-unit residential portfolio in Toronto for approximately 153 million Canadian dollars (about 332 million shekels). The portfolio includes three buildings of 10, 15, and 16 stories, boasting occupancy rates between 97% and 99% and generating annual revenues of about 9.5 million Canadian dollars.
The deal was executed through a partnership established in early 2026, with equal stakes held by BST Canada, Phoenix, and Menora Mivtachim. The partners initially committed 160 million Canadian dollars in equity for acquisitions totaling up to 450 million Canadian dollars. The venture is led by BST Canada, which has operated in Toronto for over 25 years.
