Clal Insurance Company and Aspen Group’s Acquisition of Land

Gross & Co. advised Clal Insurance Company Ltd and Aspen Group on the signing of a deal to purchase 11 acres of land.

The land is situated near the Port of Ashdod, around 40 kilometres south of Tel Aviv. Aspen and Clal executed the signing of the deal to purchase the land together with a company owned by the Ewave group, at a cost of NIS 350 million (not including VAT).

Together, the parties intend to use the land to build the largest innovative logistics centre in Israel with tens of thousands of square metres of ground coverage. It is estimated that the total investment in the project amounts to NIS 900 million.

Gross & Co. advised on the deal with a team led by Israel Aziel, Head of the firm’s Real Estate Department, together with partners Yael Mirone Mezamer and Yael Flatau Bilu and advocate Aylor Binstock.

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