Singer Omer Adam partnering with Europe-Israel Group and Swiss fund Lian Group to build $120 million underground data center
The group has purchased land in the northern city of Afula for $24.5 million, with construction to get underway at the end of the year
The group of partners has purchased land in the northern city of Afula for NIS 80 million ($24.5 million). The group will become one of only a few players in Israel that are building underground data centers – joining a market dominated by tech tech giants like Google, Microsoft and Amazon.
Construction on the center is set to begin at the end of the year and be completed in 4-5 years.
Israel's data centers market has been attracting many real estate developers over recent years, including the Azrieli Group, Melisron, and the Papouchado family.
The Europe-Israel Group is controlled by the Malul brothers Maor and Snir Malul. P.A.I. is controlled by Omer and Yaniv Adam, and the Swiss investment fund Lian Group is controlled by Fiorenzo Manganiello, Nessim Gaon and Marc Lugassi.
The group plans to build the underground data center on land covering an overall 6.25 acres. The Group purchased the land six months ago. The parties to the deal were supported by Adv. Barak Bing of the Pearl Cohen law firm.