As recently reported, Clal Insurance is set to invest in the ‘Vertical City’ project, a collaboration between Israel, Canada, and the B.S.R Group. With a cash injection of NIS 160 million, Clal will secure 24.5% ownership in the venture.
Furthermore, Clal will absorb a portion of the loan allocated for the land acquisition, totaling NIS 800 million. Consequently, the transaction escalates the land’s total value to NIS 1.32 billion.
Situated in the prime ‘Stock Exchange Triangle’ area in Ramat Gan, Israel, the Vertical City project promises innovation and versatility. Comprising three 60-story towers, the complex will offer a blend of rental apartments, commercial units, and 110,000 square meters of office space.