Gindi Holdings Sells 12,400 sqm Commercial Space in Tel Aviv’s Shde Dov for NIS 400 Million

Gindi Holdings has signed a major deal to sell approximately 12,400 square meters of commercial and employment space, along with 127 parking spots, in its VOGUE project at the Shde Dov district in Tel Aviv to REIT 1 for around NIS 400 million plus VAT. The transaction includes about 5,000 square meters of retail space and 7,400 square meters of office space. An initial payment of NIS 80 million was made at signing, with the remaining balance due upon occupancy, expected within five to seven years depending on project progress.

The VOGUE project, which Gindi Holdings has been developing since acquiring the two plots in March 2025 through a tender by the Israel Land Authority, also features 708 residential units, many of which have already been sold. Unlike selling commercial units separately to various investors, this deal consolidates the entire income-producing component under one owner, REIT 1, which will manage the properties and curate tenant mix.

Gindi Holdings’ Chief Business Officer, Asaf Adler, emphasized the strategic importance of having a single, experienced entity like REIT 1 manage the commercial and employment spaces to ensure long-term value and quality tenant composition. The transaction was led by Adler and legal advisor Barak Toizer for Gindi Holdings, with representation by lawyers Ofer Zuzovsky and Moshe Chen from Shibolet law firm. REIT 1’s team was led by Dotan Gad and Maayan Weiss.

This sale allows Gindi Holdings to focus on completing and marketing the residential units while transferring ownership and management of the commercial assets to a specialized fund, enhancing the overall development’s value and operational efficiency.