Vitania Buys Land Family's Stake in Science Park Project

Real estate company Vitania Ltd. is deepening its involvement in a flagship project in Nes Ziona's Science Park by acquiring the remaining 50% stake from the Land family for approximately NIS 307 million. This acquisition follows months of negotiations and will result in Vitania holding full ownership of the project's first phase. Due to the transaction, which values the property below its book value, Vitania expects to record an accounting loss of about NIS 50 million, in addition to NIS 18 million in acquisition taxes. The first phase of the project is a core income-generating asset, comprising about 40,000 square meters of office and laboratory space above ground, along with a 617-space underground parking lot. This phase is fully leased to Elbit Systems under a long-term agreement signed in May 2026, with total rent estimated at NIS 544 million until the first exit point. Vitania initially acquired a 50% stake in the 14-dunam plot in 2021 from the founder of Indigo and high-tech figure, the founder of Indigo and a prominent high-tech figure. At that time, Vitania agreed to lease the areas back to the Land group for NIS 35 million. The Land group, which faced NIS 1.7 billion in debts, had previously intended to use the building for its printing company. The deal ensures Vitania's complete control over a revenue-generating property backed by a stable, long-term cash flow from Elbit Systems, while continuing a partnership with the Land family for future development of the remaining building rights in the complex.