Bank Leumi Building in Kiryat Shmona Sold for 5.4 Million Shekels Despite Missile Damage

The commercial building of Bank Leumi in Kiryat Shmona, which was directly hit by a missile during the recent "Operation Breaking Dawn," has been sold for 5.43 million shekels including VAT. This transaction, the largest commercial deal in the city since the outbreak of the Iron Swords war, reflects a 50% drop in the property's value due to the missile damage, according to real estate experts. The buyer is a local businessman who sees potential for future rental income despite the building's reduced operational space.

The building, formerly owned by Bank Leumi, spans approximately 874 square meters over three floors on a 300-square-meter plot on Tel Hai Street, part of Highway 90. The bank has downsized its branch operations to a smaller location following the missile strike that reduced usable space on one floor. Real estate agent Shay Azulai from Peco Real Estate noted the challenge of finding a buyer willing to invest in Kiryat Shmona amid security concerns but highlighted the property's unique location and commercial potential.

Kiryat Shmona's mayor, Avihai Stern, expressed optimism about the city's future development, stating that current efforts are just the beginning of many projects that will make the city more attractive. He compared the city's growth potential to the rise of the Israeli tech company Nvidia a decade ago.

Additional news in the report includes the launch of a new food truck by chef Israel Aharoni in Tel Aviv, a renewed sponsorship deal between Arkia Airlines and the Hapoel IBI Tel Aviv basketball team worth $2.5 million, and the launch of a new homewear brand, Liminal, by Femina group with plans for multiple stores. Furthermore, new executive appointments were announced in various companies, including Dror Morad as CEO of Poliron Group and Eyal Reuven as CEO of Poalim Activest Investment Management.