Acro Real Estate Executes Partial Land Option in Tel Aviv for 39.5 Million NIS
Acro Real Estate reported the partial exercise of a land option in Tel Aviv's Mandarin complex for 39.5 million NIS. Payments will fund existing loan repayments while deadlines are extended.
Acro Real Estate has announced the partial execution of an additional option for the sale of land in the Mandarin complex in northern Tel Aviv, amounting to approximately 39.5 million NIS including VAT. The company reported to the Tel Aviv Stock Exchange that the option holder exercised part "A" of the agreement, covering plots 60 and 61 in the TA/3700 plan.
Financial Terms and Loan Repayment
Out of the total transaction value, approximately 10.3 million NIS has already been paid upon exercise. These funds will be allocated towards the partial repayment of the existing loan secured against the land. The remaining balance is scheduled to be paid by December 31, 2027, following a recent agreement reached between the parties earlier in the week.
"The expected profitability from this partial exercise remains consistent with the revenue and profitability margins presented in the original transaction report, subject to final financing adjustments," Acro stated in its official filing.
Extension of Option Deadlines
As a direct result of the current execution, the deadlines for exercising the remaining real estate portions under part "A", as well as parts "B" and "C" of the broader option agreement, have been extended through December 31, 2026. Acro noted that the final profitability figures will ultimately depend on the scope of loans utilized by the purchasers to complete the remaining payments, carrying interest obligations per the contract terms.
