Best Construction Wins $270 Million Contract for Ramat Gan Stock Exchange Project
Translated & summarized from Calcalist by baba
Best Construction secured a 1.12 billion shekel contract to be the main contractor for Phase A of the Vertical City project in Ramat Gan. The project, led by Israel Canada, BSR Real Estate, and Clal Insurance, will include multiple towers for employment and residential use. Construction is expected to last 64 months, with work orders anticipated within months.
The story in 6 lines · by baba
- Best Construction won a 1.12 billion shekel contract for Phase A of the Vertical City project.
- The Vertical City project is located at the Ramat Gan Stock Exchange complex.
- Phase A of the project includes 236,000 square meters of development.
- The project will feature employment towers of 60 and 111 stories, and a 72-story residential tower.
- Construction is expected to last 64 months.
- Best Group recently raised 400 million shekels in an IPO.
Best Construction, a wholly-owned subsidiary of the publicly traded Best Group (BST), has been awarded a tender to serve as the main contractor for Phase A of the massive Vertical City project at the Ramat Gan Stock Exchange complex. According to Best's announcement to the stock exchange, the total consideration for the work in Phase A will amount to 1.12 billion shekels, excluding VAT, which is approximately $270 million USD.
Vertical City will feature two towers, one 60 stories and another 111 stories, along with a 72-story residential tower. The overall scope of the project is 357,000 square meters, with 236,000 square meters allocated to Phase A. The development will also include retail spaces, rental housing, and student dormitories.
Best anticipates receiving the work order within a few months, with construction expected to last 64 months and project delivery occurring in stages. The Vertical City project is led by Israel Canada (56%), BSR Real Estate (20%), and Clal Insurance (24%). Best Group, controlled by the Tanous family, has over 50 years of experience in real estate in Israel and abroad. In June, the company completed an IPO on the Tel Aviv Stock Exchange, raising 400 million shekels at a valuation of 2.6 billion shekels.
Elias Tanous, CEO of Best, commented on the tender win, stating, "Projects of Vertical City's magnitude shape the face of the city for years to come, and we are proud to be partners in such a significant undertaking."
Mentioned
The same event, reported separately by each outlet. Open a few to compare what different newsrooms emphasize — and what they leave out.
Right 1Other 1
Not the same event — other stories that share this one’s people, places, or theme: background, reactions, and follow-ups.
