Berggruen in talks to buy Ha'argaz lot in Tel Aviv
Berggruen Holdings, owned by Jewish American, in negotiations to purchase massive lot for construction of office, high-tech buildings. Sources report talks put on hold due to dispute over price
Jewish American billionaire Nicholas Berggruen of Berggruen Holdings has his eye on the former Ha'argaz factory compound in Tel Aviv.
Yedioth Ahronoth newspaper reported on Sunday that the businessman, who already holds a number of assets in Israel, plans to purchase the massive lot in central Tel Aviv for the construction of office and high-tech buildings.
According to the report however, sources close to the negotiations said talks were put on hold due to disputes over the price.
Ha'argaz is demanding $50 million for the lot, and has received another offer from Delek Group owner Yitzhak Tshuva.
Berggruen Holdings has recently acquired the historic Nahalat Binyamin neighborhood in Tel Aviv, and begun the construction of a luxury tower in the city.
Nicholas Berggruen, 45, was born to a Jewish family in New York that owns billions of dollars worth of artwork, including Picasso and Matisse pieces, some of which will be used to fund his real estate projects in Israel.
