Hagag Group Real Estate Entrepreneurship Ltd (TASE:HGG) along with a group of holders of land won a bid to acquire 7,300 meters land in Einstein Street, Tel-Aviv for ILS 85 million on June 1, 2016. The consideration is supposed to be paid in between 45 and 120 days from signing of the agreement. Hagag organized a group composed mainly from holders who currently hold the land, which joined the group against the allocation of apartments in the project in accordance with the proportionate rights, and against the payment of management fees to the Company. Accordingly, about 75% of the rights were marketed in a manner that Hagag will acquire 25% interest in the land, most of which are full rights to existing and future commercial area that will be held in its entirety and exclusively by Hagag, and the balance of rights for residencies that Hagag operates to market to third parties. The acquisition is subject to the Tel-Aviv Court’s approval. Hagag Group Real Estate Entrepreneurship Ltd (TASE:HGG) along with a group of holders of land cancelled the acquisition of 7,300 meters land in Einstein Street, Tel-Aviv on June 1, 2017.