Barzani Group Partners with Electra Magurim for Residential Project in Elad

The Barzani Group has entered as a partner (50%) in an Electra Magurim project. The companies will jointly build a new residential project in Elad. The project, which is set to be built on a plot of land that Electra Magurim won in an Israel Land Authority tender several years ago, will include 234 housing units in 7 buildings, alongside approximately 1,800 square meters of commercial space. About 80% of the apartments will be marketed under the 'Target Price' program and the rest on the free market.

The project is located in the heart of the new district of Elad, which is planned under TAMAL 1081 and is one of the city's central development hubs. The new district includes residential complexes alongside public areas, parks, commerce, and employment. The project will include 7 buildings of 7-8 floors, featuring a mix of 2-6 room apartments, garden apartments, and penthouses. The architectural design of the project is entrusted to the Itzkin Architects firm.

Oren Hochberg, CEO of Electra Magurim, said:

"The partnership in the project in Elad is part of Electra Magurim's strategy to expand its operations in high-demand areas and in cities undergoing significant growth and development. Elad is a young and developing city, with high demand for housing and large-scale construction momentum. We are happy to enter into a significant project in the city together with the Barzani Group and bring to it the experience and capabilities of Electra Magurim in planning and building high-quality residential projects."

Arik Gilad, CEO of Development and Income-Producing Assets at the Barzani Group, stated:

"The cooperation between the Barzani Group and Electra Magurim constitutes another expression of confidence in the city of Elad and its development potential. This is our fourth project in the city of Elad, and for us, this is another step in our activity in the city, and we will continue to work to expand our operations and be significant partners in the city's growth and development process."