Decision to Build the ToHa2 Project

11 Oct, 2021

 

AMOT INVESTMENTS LTD
 
 
 
Ramat Gan, October 11, 2021
 
 
 
To                                                                           To
The Securities Authority                                The Tel Aviv Stock Exchange
www.isa.gov.il                                                  www.tase.co.il
 
re: Decision to Build the ToHa2 Project
 
Amot investments Ltd. ("The Company") is pleased to report that on October 10, 2021, the Company's Board of Directors made a decision to build and market the ToHa2 Project in Tel-Aviv ("ToHa2").
ToHa2 will be built by the Company and by Bayside Land Corporation Ltd. ("The Partners"), which own the rights in the land that is located at the junction of Tozeret Ha'Aretz Street, Yigal Alon Street and Derech Ha'Shalom in Tel-Aviv, jointly, in equal shares, in continuation of and adjacent to the ToHa1 Project, which is also held by the Partners.
Toha2 will contain approximately 160 thousand square meters of floor space above ground, which will be available for marketing and approximately 45 thousand square meters of underground parking facilities. The Partners estimate that the overall cost of the construction (including for works relating to adaptations for tenants – TI) will reach approximately NIS 3 billion (the Company's share of which is approximately NIS 1.5 billion), of which an overall amount of approximately 700 million has been paid (the Company's of which is approximately NIS 350 million).
The construction of ToHa2 will begin in the coming months, further to the completion of the underground parking facility, and it is expected to be completed during 2026.
The revenues that are expected to be generated from ToHa2, upon its completion and full occupation are estimated at approximately NIS 280 million a year, based on the rental prices that are generally accepted at present in the area.
 
 
 
The Company's assessments regarding the construction costs for ToHa2 and the timetables for its construction and the expected income from it constitute forward looking information, within the definition of that term in the Securities Law, 5728 – 1968. Such information is based, inter alia, on the Company's assessments and work plans, its past experience, forecasts and estimates regarding the future, the realization of which is uncertain and which is not under the Company's control and accordingly, they may not be realized or they may be realized differently from what has been assessed by it, including as a result of changes in the economic environment in which the Company operates, or as a result of the realization of any of the risk factors, which are included in the chapter containing a description of the Corporation's business, which appears in the Company's periodic report for the year 2020.
 
 
 
 
 
       Respectfully,
 
Amot Investments Ltd
 
 
 
Signed by: Shimon Abudraham, CEO
and Judith Zynger, Deputy CEO and CFO