The yielding real estate company signed a first rental agreement with Lighttricks at the Gav Yam hi-tech park in Jerusalem for 10 years. Concurrently, it officially appointed Eldad Fresher as Chairperson of the Board of Directors | By Sharon Tal
Lighttricks will rent 16,000m² for 10 years at the park that Gav Yam is building on the Hebrew University campus, together with the University and Jerusalem Development Authority. Rental fee for the entire period: 190M NIS.
General Motors (GM) is expanding in Israel: The company signed a rental agreement with Gav Yam where it rented 9,000m² at Gav Yam Center in Herzeliya for a period of 5 years. GM will pay ~63M NIS for the agreement.
During the Corona crisis: The American technology giant will rent 28,000m² and 620 underground parking spaces at Matam from yielding real estate company Ga Yam for 7 years
Despite Corona ramifications, Gav Yam was able to note several achievements in its financial statements published in late October.
Deep into the Corona crisis, Gav Yam reports a significant contract for renting 28,000m² at the Matam Office Park in Haifa; the contract also includes 620 underground parking spaces at the compound and is subject to an extension option
In preparation for the crisis, whose end is unknown, Gav Yam obtained mountains of cash. In 2020, Gav Yam and the Matam subsidiary raised ~2B NIS in debt. The company noted that the high demands for the three issuance reflect the capital market’s vote of confidence in the quality of its assets and business strategy.
The yielding real estate company, with 74% of its tenants in hi-tech – which grows despite the Corona – manages to overcome it without too many changes to the financial results. However, to play it safe, it obtained a mountain of cash totaling 2.56B NIS.
Gav Yam retains relative stability with its financial results, despite the Corona crisis, which relocated a large portion of its tenants to work from home * Net profit declined by 3% for the quarter, but increased by 8% in January-September, compared to the respective period last year | By Shelly Appelberg
In the first 9 months of the year, revenues increased by 6.6% to 401 M NIS * Due to Corona’s impact on the decline in commercial real estate operations, the company forgave 7M NIS in rental fees in the first nine months | By Omri Cohen
The company’s rental income on identical properties grew to 128M NIS in Q3; Operating profitability was impaired by the decline in the CPI and tax payments and, respectively, declined by 3.3% to 59M NIS; CEO Avi Jacobovitz: “The current situation in which some of the employees work from home is not permanent and it will not nullify the need for the real thing – work at the office”
The company will rent ~6,000m² of office space to GE Healthcare in Matam Towers * Recently announced rental of 11,000m² of logistic space to Millennium |
By Ari Yekutielli
