Businessman Tzachi Abu's REIT Fund Acquires 50 Apartments in Jerusalem Luxury Project
Businessman Tzachi Abu's REIT fund has acquired 50 apartments in Jerusalem's luxury Rafa Triple project for 156 million shekels, selling out the development entirely, a major vote of confidence in Jerusalem's real estate market at a time when Israel's housing sector is facing significant headwinds.
Against the backdrop of a slowdown in Israel's real estate market, a major bulk transaction has been signed in Jerusalem: the REIT fund owned by businessman Tzachi Abu has purchased 50 housing units in the flagship "Rafa Triple" project developed by Bingo Real Estate, owned by developer David Brin, in the sought-after Romema neighborhood.
The deal, valued at 156 million shekels, sold out the project entirely and was priced at a market rate of 60,000 shekels per square meter excluding VAT, in line with the project's unit mix, which is geared toward young couples.
Industry sources note that a bulk acquisition of this scale, at this particular moment, carries significant weight. Israel's housing market has faced headwinds in recent months from macroeconomic pressures and elevated interest rates, making institutional confidence of this kind notable.
The Abu Group is known for carefully targeting premium locations with strong appreciation potential, and the purchase is being read in the industry as a clear vote of confidence both in Jerusalem's residential market and in Bingo Real Estate's execution capabilities. The developer holds a pipeline of thousands of additional housing units across the capital.
Bingo Real Estate chairman David Brin said: "Closing a deal of this magnitude at this time proves that quality projects in strategic locations hold their value and demand. We are proud to partner with Tzachi Abu, who knows how to identify quality and vision."
Tzachi Abu added: "We are strong believers in the Jerusalem market. Rafa Triple presents an exceptionally high planning and execution standard, and its location at the heart of Jerusalem makes it a strategic asset. We chose to invest in Bingo Real Estate after thoroughly examining the quality of both the company and the project."
The transaction was led on Bingo's side by company management Moshe Brin and Haim Lafa, together with company attorney Yair Shofel, working closely with Abu Family REIT CEO Haya Kind.