SOHO Design Complex – A New Era of Home & Lifestyle in Netanya
Adjacent to IKEA Netanya, the new SOHO Design Complex is a bold addition to Israel’s retail and lifestyle scene. Developed by Ben Efraim Construction & Development and Electra Real Estate, the project represents a ₪300 million investment and spans approximately 27,000 square meters, including 16,000 sqm of retail, three floors of shopping, four floors of offices, and three levels of parking.

The complex features 42 stores and restaurants, with 99% of the brands being Israeli, catering to mid-range budgets and local design tastes. The retail mix includes well-known names like Riviera, Shomrat Hazorea, Shwatz Home Collection, and Simply Wood, alongside popular eateries such as Agadir, Tony Vespa, and Café Landwer. A 3,500 sqm StopMarket supermarket anchors the ground floor.

While initially met with hesitation by IKEA, the synergy between the two destinations is now seen as a win-win, enhancing foot traffic and offering a broader experience for visitors. The developers emphasize that SOHO is not a direct competitor to IKEA but rather a complementary destination with a distinct design and pricing approach.

Looking ahead, the vision includes expanding the SOHO concept to three locations across Israel—in the center, north, and south—and potentially launching a flagship in the United States.

In a strategic real estate move, REIT 1 has acquired 50% ownership of the SOHO commercial complex in Netanya from Electra Real Estate for ₪126 million. The remaining stake remains with Synergy Group, which co-developed the project with Electra.

Located in the heart of Netanya’s Sapir business district—adjacent to IKEA and the train station—the three-story SOHO center spans 14,700 square meters of leasable space and includes 420 underground parking spots. With over 40 tenants and an occupancy rate exceeding 95%, the center is a hub for home design and lifestyle brands.
 

The deal is expected to generate a 6.5% annual return for REIT 1 at full occupancy. Electra Real Estate will receive approximately ₪30 million in free cash flow from the transaction, after deducting loans, taxes, and related costs. However, the company anticipates a ₪4.5 million post-tax loss in Q3 2021 due to the sale.

Executives from all parties expressed optimism:

• Dotan Gad, VP of Business Development at REIT 1, emphasized the center’s strong positioning and synergy with IKEA.

• Gil Rosinek, CEO of Electra Real Estate, noted the sale marks the final step in the company’s decade-long asset divestment strategy, now focusing on U.S. rental housing and hospitality.

• Yaniv Efraim, CEO of Synergy Group, welcomed REIT 1 as a partner, highlighting the center’s unique tenant mix and its role as a one-stop destination for home design and leisure in central Israel.

A groundbreaking medical cooperation agreement was signed today (Tuesday) in Abu Dhabi between Clalit Health Services, the UAE Ministry of Health, and Daman, the national health insurance company of Abu Dhabi and the largest medical insurer in the UAE.
 

The signing ceremony took place at the office of Sheikh Abdullah bin Mohammed Al Hamed, Abu Dhabi’s Minister of Health, who hosted and led the event. The Memorandum of Understanding was signed by Dr. Jamal Mohammed Alkaabi, UAE Deputy Minister of Health; Mr. Hamad Al Mehyas, CEO of Daman; and Professor Ehud Davidson, CEO of Clalit.
 

Also in attendance were Israel’s Ambassador to the UAE, Mr. Eitan Na’eh, senior members of the Emirati royal family, and Clalit executives. The agreement builds on a previous framework signed months earlier between the Israeli and Emirati Ministries of Health.
 

The agreement outlines a series of collaborative initiatives, including knowledge exchange programs, delegations of physicians to the UAE, telemedicine consultations, and treatment at Clalit’s Centers of Excellence. It also sets the stage for further cooperation in digital health, medical research, and the development of joint ventures to advance remote healthcare.
 

“I’m proud to lead this collaboration with the United Arab Emirates and to sign a first-of-its-kind agreement aimed at improving the health of our nations,” said Prof. Ehud Davidson, CEO of Clalit. “Since the signing of the Abraham Accords, we’ve engaged in a fascinating dialogue to promote healthcare and medicine. The achievements of Israel’s healthcare system—and Clalit in particular—are gaining global recognition, especially in light of our response to the COVID-19 pandemic.”

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22/6/2021, 13:38, עודכן 22/6/2021, 18:08