Acro is paying NIS 255 million for the site in Tel Aviv’s Levontin area, well below the appraiser’s estimate.
Kvutzat Acro (TASE: ACRO) has won a tender by the Israel Land Authority and Israel Electric Corporation (IEC) to build a project on a plot at 16 Hahashmal Street in the Levontin area of Tel Aviv. The land was bought for NIS 255 million, a price 40% below the NIS 430 million estimate by the Israel Land Authority’s appraiser. Acro CEO Ziv Yacobi said the win was the exploitation of a unique business opportunity to buy land in the heart of the city at an attractive price.
The plot is question is a unique six dunam (1.5 acre) property on which Tel Aviv’s first power station operated in the 1920s. 45 years ago a sixteen-floor building designed by Avraham Yaski was erected on the site to serve as IEC’s head office. The land partly belonged to IEC and partly to the Israel Land Authority. Two years ago, IEC undertook to transfer its land to the Authority.
Acro will build three buildings on the site. The first will be a 30-floor tower combining residences, offices, and commercial space, with 120 housing units, of which 18 are designated for rental. The historic Yasi building will be preserved, renovated, and converted to offices or a hotel. The third building, on the south of the site, will be an eight-floor office block.
Acro has undertaken to the Tel Aviv Municipality to preserve the water tower and the well that served the power station, and the power station structure itself, at its own expense. The power station will be transferred to the Municipality after the preservation work is complete.
Published by Globes, Israel business news – en.globes.co.il – on January 1, 2026.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2026.
Kvutzat Acro CEO Ziv Yacobi credit: Cadya Levy
