Farewell to an Extraordinary Ambassador - When Real Estate Deals Lead to Meaningful Connections.

Sometimes a real estate deal becomes much more than just business. In 2022, we collaborated with Mivne Group on a complex office lease at Herzliya for the Thai Embassy. That's where I first met Ambassador Ms. Pannabha Chandraramya and her wonderful diplomatic team of Siam.

What started as a professional relationship blossomed into a warm friendship. I've been privileged to attend various embassy events, including Thailand's Independence Day celebrations, where I've enjoyed authentic homemade Pad Thai and Tom Yum among other Thai delicacies.

When October 7th, 2023 struck and 31 Thai citizens were taken hostage to Gaza (8 still remain captive), I witnessed Ambassador Chandraramya's extraordinary dedication. She chose to postpone her next diplomatic posting, dedicating herself entirely to managing this crisis. Her tireless efforts earned her the prestigious "Ambassador of the Year 2024" award from the Ambassadors' Club of Israel, representing over 100 diplomats.

Last Thursday, at her Herzliya residence, among hundreds of diplomats from various nations, I bid farewell to Ms. Pannabha Chandraramya as she prepares for her new role.

Commercial real estate in Israel

A subsidiary of Ayalon Insurance Company Ltd. entered into an agreement with L.R. Properties Ltd. to purchase its rights in two real estate properties: 1) an agreement to purchase 6 floors of offices, commercial space and a gallery as well as all the construction rights in connection with the land, without rights in the building's parking areas , in exchange for a total of 124.2 m NIS. 2) Agreement for the purchase of two basement floors in a building at 2 Hanegev Street in Tel Aviv, in exchange for a total of NIS 16m.

The Manrav Group Ltd. entered into a sale agreement to a reality fund of half of its rights in the land in the Ashdod industrial area on which three complexes are built, in exchange for NIS 200 million, as well as a commitment by reality to pay additional future consideration for the currently unused construction rights on the land.

Commercial real estate overseas

The Klein International Limited Group completed a transaction for the sale of the Fairless Hills property in Pennsylvania, USA, for $23.6 million.

Mishorim Real Estate Investments Ltd. has completed the purchase of 50% of the rights in a commercial center known as Westland Park Plaza in Jacksonville, Florida, USA. The property was purchased for a total consideration of approximately 14 million US dollars.

Real estate in the headlines

Keren Reality and Manrav are selling a part of the project on Hat'i'ah Street in Jaffa for NIS 360 million (Calcalist).

Mvaneh Group will lease to Lahi Nachmias an office floor in Holon (the real estate center).

Congratulations to my friends Ehud (Udi) Blum on his appointment as CEO of Allied Real Estate (Globes).