Electra Consumer to Lease 20,000 sqm in RISHO Alpha Complex in Rishon Lezion
Electra Consumer and its subsidiaries have signed a lease agreement with Ashtrom for approximately 20,000 square meters in the RISHO Alpha complex located in Rishon Lezion. The companies are expected to move into the new offices by the end of the year. Although the exact rent has not been disclosed, market estimates suggest a rate of about 70 shekels per square meter, translating to roughly 1.4 million shekels per month and approximately 17 million shekels annually.
The RISHO Alpha complex is a joint project between Ashtrom and Phoenix Holdings, which owns about 26.07% of the rights. The development spans five buildings on a 60-dunam plot with a total building area of around 305,000 square meters. The first phase included three office buildings totaling about 120,000 square meters, along with commercial floors and parking basements covering 40,000 square meters. Additionally, the Phoenix campus, consisting of two buildings totaling 50,000 square meters, is being constructed nearby but is not part of the Ashtrom-Phoenix partnership.
In other news, Tel Aviv Municipality announced plans to relocate the decades-old "Separate Beach" for religious communities from its current location near Metzitzim Beach to the northern city border. The existing beach area will be opened to the public, removing the dividing wall to create a continuous promenade. The new location, adjacent to a similar beach in Herzliya, aims to improve access and service for the religious public by allowing men and women to visit separate beaches simultaneously. Discussions with Herzliya Municipality, the Ministry of Interior, and other stakeholders are ongoing to finalize the plan.
Meanwhile, Israeli police, in cooperation with the Ministry of Labor and the Ministry of Construction and Housing, have shut down two construction sites in the Tel Aviv and Sharon areas due to safety violations. The contractor continued operations despite having its license suspended earlier in June following serious safety breaches and a fatal work accident. Five individuals were detained for questioning as part of the investigation. Authorities emphasized their commitment to combating negligent and criminal conduct in the construction sector.
Separately, BST Group, together with Phoenix and Menora Mivtachim, completed their first real estate acquisition in Canada under their newly formed partnership. They purchased a portfolio of 487 rental apartments in Toronto for approximately 153 million Canadian dollars (about 332 million shekels). The portfolio includes three residential buildings of 10, 15, and 16 floors with occupancy rates between 97% and 99%, generating annual revenues of around 9.5 million Canadian dollars. The partnership, equally owned by BST Canada, Phoenix, and Menora Mivtachim, has an initial equity investment framework of about 160 million Canadian dollars aimed at acquiring assets worth around 450 million Canadian dollars. Their focus is on acquiring, upgrading, and managing multifamily rental housing in Ontario, led by BST Canada, which has operated in Toronto for over 25 years.
