Ami Group Buys Planet Rishon LeZion for NIS 300 Million

Ami Group, owned by businessman Shlomi Nachiassi, has bought the Planet Rishon LeZion complex from Israel Theatres Group for NIS 300 million. The site will be renamed Ami Planet. Opened in July 2012 after an investment of more than NIS 200 million, it is considered one of Israel’s largest and leading cinema and entertainment centers, drawing about 1.5 million visitors a year.

The complex is in western Rishon LeZion, near Superland, the MAX Live amphitheater and the Aleph district. It covers about 30 dunams and has roughly 25,000 square meters of built space. It includes 26 halls, 24 of them movie theaters with about 3,600 seats, plus two halls for events and conferences, around 2,000 parking spaces, and about 20 shops and kiosks.

Nachiassi said the purchase is a “significant strategic deal” for Ami Group and another step in expanding its income-producing real estate business. He added that the company sees strong potential in the site because of its “excellent location,” full occupancy and steady year-round visitor traffic. He said Ami Group plans to strengthen its position as a major leisure hub and also exercise about 10,000 square meters of existing building rights under the zoning plan.

Ami Planet will be Ami Group’s 18th commercial complex and its third with cinemas. About a year ago, the group bought the former Y-Center in Netanya Polg, now Ami Commercial Centers Netanya Polg, for an estimated NIS 330 million. About six months ago, it bought the Ganei HaIr center in Karmiel for NIS 215 million. Ami Group also owns and manages commercial centers across Israel, including in Petah Tikva, Netanya, Rishon LeZion, Tel Aviv-Yafo, Nes Ziona, Givat Shmuel, Herzliya, Or Yehuda, Or Akiva, Tirat Carmel and Hadera.