GT Real Estate Buys Rosh Pinna Mall for $13.5 Million

GT Real Estate has signed an agreement to acquire full rights to the Rosh Pinna Mall, including its adjacent parking lot and the land it occupies, from Ashtrom Properties for approximately NIS 48.5 million (about $13.5 million USD). The mall encompasses roughly 4,750 square meters of commercial space and currently generates about NIS 3 million (around $830,000 USD) in net operating income (NOI) annually.

GT Real Estate anticipates that following the acquisition and planned renovations, the mall's NOI will increase to approximately NIS 5 million (about $1.38 million USD) per year. This acquisition, which reflects a current NOI yield of about 6% and a projected yield nearing 10% after improvements, marks a significant expansion for the company in northern Israel. The company, whose operations are primarily in the south, recently received a permit to build a commercial center in the nearby town of Hazor HaGelilit.

The new commercial center in Hazor HaGelilit, to be named GT Galil, will span approximately 6,600 square meters and is slated for completion by the end of 2027. Construction is expected to commence soon, with the company in advanced negotiations with retail chains for occupancy. The project will include shops, restaurants, entertainment venues, and tourism-related facilities, such as a large supermarket and a discount store, aiming to serve local residents and tourists.

Gabriel Trabelssi, Chairman and Owner of GT Real Estate, stated that the acquisition aligns with the company's growth strategy and its recent efforts to expand in northern Israel. He emphasized the company's belief in the potential of income-generating properties and commercial centers in these regions, citing their ability to meet local needs and create long-term value.