Izaki Group buys 60-dunam Ra’anana site for $85 million
The western Ra’anana property could eventually include 600 homes, 45,000 square meters of commercial and office space and 400 assisted-living units, with Mishan retaining a share of future profits.
Major real estate deal in Ra’anana: The Izaki Group, owned and headed by entrepreneur Roni Izaki, is purchasing a 60-dunam (15-acre) land complex in western Ra’anana from Mishan for NIS 250 million ($85M), plus additional consideration tied to potential future payments. The site is located near Highway 531, the Ra’anana West railway station and the planned route of the metro system. Izaki plans to develop a large-scale mixed-use urban complex that could include residential, commercial, office and assisted-living space.
Under Ra’anana’s currently approved master plan, the complex could accommodate approximately 600 housing units, 45,000 square meters of commercial and office space, and around 400 assisted-living units. Its proximity to major transportation infrastructure, including Highway 531 and the Ra’anana West railway station, is expected to be a key factor in the future development of the site.
The Izaki Group is a long-standing real estate company active across several segments of the industry. In addition to initiating and constructing residential projects, the group operates in urban renewal and owns and develops income-producing properties. The acquisition in Ra’anana expands the group’s land reserves and strengthens its presence in both residential and income-producing real estate.
The deal is considered one of the most significant land transactions in the Ra’anana area in recent years, both because of its financial scope and the size and development potential of the site. The combination of hundreds of housing units, tens of thousands of square meters of commercial and office space, and assisted-living facilities could make the property one of the most prominent development sites in western Ra’anana.
Mishan decided to sell the land because the assisted-living facility currently operating on the site is managed by an external operator, Amal BaSharon. The facility will continue to operate on the property, at least at this stage.
Mishan, headed by CEO Omri Cohen and acting chairman Shabi Michaeli, had not been using the land itself, and the decision to sell it was made more than a year ago. The property is currently zoned as agricultural land, meaning that rezoning and betterment levies are expected to involve additional costs of hundreds of millions of shekels. Mishan will also be entitled to a share of the project's future profits, if and when the development goes ahead.
