Tzachi Abo Acquires Ashdod Commercial Center for $5.2 Million

Ari Real Estate, controlled by businessman Tzachi Abo, has announced a new acquisition in Ashdod, expanding its portfolio of income-generating properties. The company is purchasing 65% of the shares in Tena Commercial Centers for approximately 19 million shekels (about $5.2 million). Additionally, Ari Real Estate will provide another 19.4 million shekels (about $5.3 million) to fully repay a loan held by Tena's owner.

Tena Commercial Centers holds the rights to the recently opened "To Do Center" commercial hub in Ashdod's T"Z neighborhood. The center is situated on a 5,000 square meter lot and features 5,500 square meters of built commercial space across three levels, along with parking, common areas, and an additional 3,000 square meters of unused building rights.

Upon completion, the "To Do Center" will become Ari Real Estate's fourth active income-generating property. The company is also currently developing the Star Eilat mall. The transaction is contingent upon several conditions, including approval from Bank Leumi and the Director General of the Israel Competition Authority. Attorneys Terri Almozlino-Arnon and Alon Wallner from the Barnea, Jaffa, Landa & Co. law firm advised on the deal.