CTech – The Europe-Israel Group, P.A.I. controlled by Israeli singing sensation Omer Adam, and the Swiss fund Lian Group have signed an agreement to build an underground data center in Israel, investing a total of NIS 400 million (approximately $122.5 million) in the venture, Calcalist has learned.
The group of partners has purchased land in the northern city of Afula for NIS 80 million ($24.5 million). The group will become one of only a few players in Israel that are building underground data centers — joining a market dominated by tech giants like Google, Microsoft, and Amazon.
Construction on the center is set to begin at the end of the year and be completed in four to five years.
Israel’s data centers market has been attracting many real estate developers over recent years, including the Azrieli Group, Melisron, and the Papouchado family.
The Europe-Israel Group is controlled by the Malul brothers Maor and Snir Malul. P.A.I. is controlled by Omer and Yaniv Adam, and the Swiss investment fund Lian Group is controlled by Fiorenzo Manganiello, Nessim Gaon, and Marc Lugassi.
The group plans to build the underground data center on land covering an overall 6.25 acres. The Group purchased the land six months ago. The parties to the deal were supported by Adv. Barak Bing of the Pearl Cohen law firm.
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Author: Golan Hazani / CTech
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