Hadas Manor

A group of diamond merchants has bought ten floors of the Ramat Gan Diamond Exchange tower from Sahar Development & Investments Ltd. (TASE:SAIN-M), controlled by Zadik Bino, for $45 million. The buyers initially offered $35 million for the property, and the deal was closed three months ago, as “Globes” reported.

Lev Leviev bought four floors; Benny Steinmetz bought two; and Moshe Namdar; David Vardi, former Diamond Exchange president Yitzhak Forem, and Fabrikant & Salant Group Ltd. each bought one floor.

The group bought 11,000 sq.m. altogether, as well as several hundred parking spaces. The floors have no direct passage to the Israel Diamond Exchange Ltd.. Industry sources believe that they will only be connected in four years, when the present leases expire. The floors are currently occupied by attorneys and high-tech companies. These companies do not use the Diamond Exchange’s stringent security measures for diamond merchants. For this reason, there is no physical link to the Diamond Exchange premises.

Published by Globes [online], Israel business news - www.globes.co.il - on August 17, 2005

Last Updated: 17-08-2005