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Provenance
The building my family built
Beit Gibor was raised some fifty years ago by the family behind
Gibor — at its height the largest hosiery manufacturer in the world,
and a name known in every Israeli household.
It was built as the company's own building: offices, on the seafront, looking
out at the Mediterranean. It has stayed in the family ever since.
Most of the building has since become a hotel. The corridors and public areas were
renovated to hotel standard, and are maintained that way. What remains in family
hands is the eighth-floor unit now offered for sale — converted into living
space, and ready for someone else's chapter.
You are not buying an apartment in Tel Aviv.
You are buying a piece of a building with a name.
The building is known today as Beit Gaon, renamed after the
family sold the wider building on. Both names still find it, and to those who
remember it going up it has only ever been Beit Gibor.
Sold privately by the owner. No agency commission.
Structure
Two ways to buy it
The property is held by Maapat Israel Ltd, and is now
the company's remaining asset. It can be sold either as a property, in the ordinary
way, or by a purchase of the company's shares.
A share purchase is a familiar structure in Israel and some buyers prefer it. The
company has been in the family since the building was raised, its affairs are in
order, and it carries accumulated losses from a long period during
which the owner met the running costs personally.
Whether either route suits a particular buyer — and what, if anything, those
losses are worth to them — depends entirely on their own circumstances and on
Israeli tax law as it applies to them. Both routes are open, and I am glad to discuss
either with a buyer and their advisers.
Nothing on this page is tax advice, or a representation as to how any
transaction would be treated.
Prospective purchasers should take independent Israeli legal and tax
advice before proceeding on either basis. Buyers of shares in a company holding
Israeli real estate should note that acquisition tax may still apply.