Ammi Group buys Planet Rishon LeZion for NIS 300 million

Ammi Group, owned by businessman Shlomi Nahaissi, has bought the Planet Rishon LeZion entertainment complex from Theatres Israel for NIS 300 million. The purchase adds another asset to a group that has been expanding quietly and now owns 18 retail centers across Israel.

Planet opened in July 2012 after an investment of about NIS 200 million. It is considered one of Israel’s largest and leading cinema and leisure complexes, drawing about 1.5 million visitors a year. The site is in western Rishon LeZion, near Superland, the MAX Live amphitheater and the Aleph district.

The complex covers about 30 dunams and includes roughly 25,000 square meters of built space. It has 26 halls, including 24 movie theaters with about 3,600 seats, plus two event and conference halls and around 2,000 parking spaces. Ammi Group said the property is currently fully occupied and includes about 20 shops and kiosks, among them a Greek restaurant, McDonald’s, Black Bar Burger, Luganda, B-Fresh and others.

Nahaissi said the deal is “a significant strategic transaction” and another step in expanding the group’s income-producing real estate business. He said the company believes in the complex’s potential and plans to strengthen its role as a major leisure hub for local residents and visitors nationwide. Ammi Group also intends to use about 10,000 square meters of additional building rights included in the zoning plan. The purchase makes Planet the group’s 18th center, following its acquisition of Y-Center for about NIS 330 million a year ago and Gan Ha’ir Karmiel for NIS 215 million six months ago.