Bayside Corporation (BYSD)

[AskMuncher]

$BYSD Gav-Yam wins Tender for the Construction of a Government Office Building in Holon
Press Release | 08/16/2021
Gav-Yam wins Tender for the Construction of a Government Office Building in Holon
Building a comprehensive area of 29,000 square meters
PR Newswire

TEL AVIV, Israel, Aug. 16, 2021

TEL AVIV, Israel, Aug. 16, 2021 /PRNewswire/ -- Gav Yam Land Corporation Ltd. (TASE: GVYM) one of Israel's largest and longest established real estate companies, specializing in the initiation, planning, development, construction, leasing, maintenance and management of hi-tech, logistics, and industrial parks and centers throughout Israel, today reported that it has won a tender from the Government Housing Administration to build and rent a dedicated building in Gav-Yam Holon Park for government offices, with a total area of 29,000 square meters, of which 15,500 square meters are above ground. This will include: The Civil Court, The Tax Authority, The Ministry of Employment, the Population and Immigration Authority, the Land Registry, the Ministry of Absorption, the Ministry of Transportation, and more. The lease agreement is for a period of 10 years for a total of NIS 14 million per year.

Avi Jakubowicz, CEO of Gav-Yam, said: "Gav-Yam sees a significant growth engine in the field of government campuses and winning this tender is in line with the goal that the company has set for itself, to expand its activities in this field. Gav-Yam Holon Park, with a total area of about 63,000 square meters (employment, commerce and industry), located at the northern entrance to the Holon industrial area, relies on good accessibility, including through many bus lines as well as the light rail and metro stations that are planned next to the park. The company is working to increase its activity and foothold in the Holon industrial zone, where we work in full cooperation with the Holon Municipality and its mayor Mr. Moti Sasson. Winning this tender will enlarge the cooperation with Government Housing Administration which exist today among other in Gav-Yam-Maman park in Lod and in the Gav-Yam Negev Park in Be'er Sheva."

In addition to this project that will be established for the Government Housing Administration, and which is expected to be populated in the fourth quarter of 2023, Gav-Yam continues intensive development activities that include a significant backlog of 12 projects amounting to 400,000 square meters (of which the company's share is about 340,000 square meters) at a total investment of about NIS 2.5 billion. About 40% of the above ground areas in these projects have already been marketed. After completion and populating of the projects initiated at the end of 2024, the company's total assets will be approximately 1.38 million square meters with annual revenues of approximately NIS 775 million. A significant leap in the scope of activity which puts Gav-Yam at a totally new position.

Gav-Yam has 1,030,000 square meters of properties, with a wide-spread, both geographically and sectorially, in 19 cities around the country, including 22 parks and high-tech centers, logistics, industry and commercial offices. The Company assets are adjacent to main demand areas, Class A premium buildings, with high LEED standards. In addition, the Company has available reserves of building rights in the amount of about 490,000 square meters.

About Gav-Yam

Gav-Yam is one of Israel's largest, longest established real estate companies.

The company specializes in the initiation, planning, development, construction, leasing, maintenance, and management of hi-tech, logistics, and industrial parks and centers nationwide, as well as in the construction of dedicated complexes planned for long-term leasing. Through a wholly owned subsidiary, Gav-Yam also provides a variety of maintenance management services to tenants throughout the leasing period.

Gav-Yam was founded in 1928 and has been listed on the Tel Aviv Stock Exchange since 1978. Today, the company's shares are included among the leading indices of real estate companies (Tel-Bond 60). In addition, the company's debentures are rated AA by S&P Maalot and Aa2 by Midroog.

Contact Information




Investor Relations Contacts

GK Investor & Public Relations

Ehud Helft

[phone]

[e-mail]


Company Contact

Mark Zack

CFO

[phone]

[e-mail]

Cision View original content:https://www.prnewswire.com/news-releases/gav-yam-wins-tender-for-the-construction-of-a-government-office-building-in-holon-301355603.html