Cybersecurity company Check Point Software Technologies (Nasdaq: CHKP), together with Israel Canada (TASE: ISCN), are expected to win a tender from the Tel Aviv Municipality and Israel Electric Corporation to buy land on the Kremenetski site in Tel Aviv's Bitsaron neighborhood for NIS 800 million.
The land is zoned for the construction of two residential buildings containing about 300 apartments and 60,000 square meters of office and commercial space. From what Globes has learned, Check Point will pay NIS 500 million for office space, and Israel Canada will pay NIS 300 million for residential construction land.
Site's location
The tender was published in December 2024. The 13,000-square-meter site is bounded by Kremenetski Street in the south, Hahaskala Boulevard in the east, and Walter Moses Street in the west. It is situated not far from the main thoroughfare of Yigal Alon Street. The municipality is the owner of the site, and Israel Electric Corporation is a long-term lessee. "The division of the consideration between the municipality and Israel Electric Corporation will be determined by agreement between them, will be notified to the tender winner, and will be set down in the sale contract," the tender document states.
Under the proposed plan for the site, the average size of the apartments built on it will be 85 square meters, with 20% of them being small apartments.
Check Point's existing offices are located on Hasolelim Street in Bitsaron. The company is traded on the Nasdaq with a market cap of $25 billion. Israel Canada is traded on the Tel Aviv Stock Exchange, with a market cap of NIS 4.2 billion.