Gav-Yam Leases Building in Gav-Yam Park Herzliya North for NIS 55 million over 10 years

Only about two months after purchase:

Gav-Yam leased the building it purchased from Mori Arkin in Gav-Yam Park Herzliya North to Mixer,  the shared work space company, for NIS 55 million over 10 years

TEL AVIV, Israel, Dec. 7, 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 only two months after its purchase of a building from Mori Arkin in Gav-Yam Herzliya North Park, it has leased it to Mixer, the shared work-space company.

Yariv Bar-De'a, VP of Marketing and Business Development at Gav-Yam: "In recent years, Gav-Yam has expanded its holdings in major cities, which host leading international and Israeli technology companies. We are proud to house the world's leading high-tech and technology companies that are pushing Israel's economy forward. Gav-Yam will continue to develop in these areas of demand and offer the best conditions and the right ecosystem to optimize the work of the companies occupying its assets."

The property, which today is an integral part of Gav-Yam Herzliya North Park, was leased for a monthly rent of approximately NIS 90 per square meter, which totals NIS 55 million over 10 years, reflecting a yield of more than 7%. The agreement with Mixer includes two options for extension for a period of 5 years and an increase of 7% in the rent, in each period.

The property, with an area of approximately 3,600 square meters, was built on a plot of approximately 1.1 dunams, and includes the potential for additional building rights amounting to approximately 3,000 square meters for employment purposes.

Gav-Yam currently owns more than 300,000 square meters of high-tech complexes and offices in Herzliya, across three complexes that are fully occupied. Gav-Yam's complexes, which include Class-A Premium buildings, are being leased among others, by international and Israeli technology companies at the forefront of technology. Among those companies are Apple, Microsoft, Dell-EMC, GM, Pfizer, Medtronic, PTC, The Sports Channel, Zerto, Veronis and others.

In recent years, technology companies have been demanding a strong partner with high execution capabilities, with whom they can set up custom-made projects, meeting their needs, that will give them an advantage in the growing competition for quality manpower in the high-tech industry. Gav-Yam's high-tech parks cover the most desirable locations in Israel, including Herzliya and Tel Aviv, some of which have been established in collaboration with academic centers, such as Gav-Yam's properties in Be'er Sheva, Jerusalem, Haifa and Rehovot.

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.

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SOURCE Gav-Yam