Ashtrom Sells Rosh Pina Mall for $13.5 Million to GT Real Estate

Ashtrom has sold the Rosh Pina Mall to GT Real Estate, owned by Gabriel Triblecy, for NIS 48.5 million (approximately $13.5 million). The agreement grants GT Real Estate full ownership of the mall, its adjacent parking lot, and the land.

The Rosh Pina Mall spans approximately 4,750 square meters of retail space and currently houses fashion chains like Tamnoon, Renoir, and Twenty Four Seven. The mall's Net Operating Income (NOI) is around NIS 3 million annually. GT Real Estate anticipates improving the mall's performance, projecting an increase in NOI to NIS 5 million per year.

GT Real Estate, founded in Netivot, is expanding its operations northward. This acquisition follows their recent permit approval for a 6,000 square meter commercial center in Hazor Hagalilit, expected to begin construction soon and open by the end of 2027. This northern project will feature retail, tourism, dining, and leisure spaces, including a supermarket and a large discount store.

Currently, GT Real Estate owns nine income-generating properties across Israel under the GT Centers brand, located in Sderot, Netivot, Ofakim, Jerusalem, and Eilat. They also have five additional properties under construction in Dimona (two), Ofakim, Arad, and Hazor Hagalilit, along with a logistics complex in Ofakim. The group manages approximately 120,000 square meters of income-producing real estate nationwide.