All of the real estate reserves of Delek Israel (the land of 53 gas stations) were transferred to Delek Properties, whose business will be income-producing property through leasing the gas stations to Delek Israel and others. The company will further carry out real estate improvements by exercising building rights for construction of additional retail areas around the stations. The company also intends to purchase additional rights and/or land for large-scale construction in and around the gas stations.
When Delek’s operations were split into two companies, Felix Shufman was appointed CEO of Delek Properties. Felix has many years of experience and knowledge in commercial real estate, and prior to his appointment served as a senior officer at Melisron and British Israel.
On April 14, 2021, a collaboration agreement was signed with Azorim, whereby the company will identify opportunities for redesignation of land on which gas stations of the company are located from the current designations to residential or mixed-use of residential and other uses and will offer them to Azorim for the construction of projects to be built by the company and Azorim in equal shares.
On April 19, 2021, this partnership made its first acquisition of a gas station at the Pat Junction (Ir Shalem) in Jerusalem for ~ILS 92.5 million. Concurrently, the companies will purchase the land from the ILA for ~ILS 40 million, with the transaction totaling ~ILS 132.5 million. The companies intend to build a luxury project on the site with some 220-250 apartments and approx. 5,000 sqm of retail.