Yitzhaki Group acquires 60 dunams in Ra'anana from Mishan for 250 million shekels
The Yitzhaki Group, led by Roni Yitzhaki, has acquired a 60-dunam land plot in western Ra'anana from Mishan for 250 million shekels. The site is slated for a large-scale mixed-use urban development project.
A major real estate deal in Ra'anana: The Yitzhaki Group, owned and led by entrepreneur Roni Yitzhaki, is acquiring a land complex of approximately 60 dunams in western Ra'anana from the Mishan company, in a deal valued at 250 million shekels, with additional components in possible future payments.
The land is located near Highway 531, the Ra'anana West train station, and the planned route of the Metro system. Yitzhaki intends to promote a large-scale mixed-use urban complex at the site, which will include residential, commercial, employment, and assisted living facilities. According to the currently approved master plan in Ra'anana, it is possible to build about 600 residential units, about 45,000 square meters of commercial and office space, and about 400 assisted living units on the site. The proximity to mass transit systems and Highway 531 is expected to be one of the central components in the development and appreciation of the complex.
The Yitzhaki Group is a long-standing real estate group operating in several sectors of the industry. Alongside the initiation and construction of residential projects, the group operates in the field of urban renewal and holds and develops income-producing properties. Over the years, the group has promoted projects in high-demand areas, and the acquisition in Ra'anana expands its land reserves and activity in the residential and income-producing real estate sector.
The deal is considered one of the most significant land deals in the Ra'anana area in recent times, both due to its financial scope and the size of the complex and its construction potential. The combination of hundreds of residential units with tens of thousands of square meters of commercial and employment space and assisted living may turn the land into one of the most prominent development complexes in the west of the city.
Mishan decided to sell the area because the assisted living facility located on it is managed by an external party through outsourcing, and it is the Amal ba-Sharon nursing home. The assisted living facility will continue to operate there for the time being. Mishan, managed by Omri Cohen with Shavi Michaeli serving as chair, did not use the land it owned, and the decision to sell it was made more than a year ago. This is agricultural land, and the change of its designation and the betterment levies (dmei hashbaha) to be paid are expected to amount to hundreds of millions of additional shekels. Mishan will receive a portion of the project's future profits, if and when it is implemented.
