News & Commentary

Share

Reaching for the Sky – Wembley Towers Project Phase One Completes

After a year of hard work by the Real Estate team at Asserson, an unprecedented project has reached a significant milestone. With all the creativity of the start-up nation, an Israeli style “buyers group (kevutsat rechisha)” has now successfully completed phase one of its sales in a London tower block, a mere stone’s throw away from the world famous Wembley stadium.

Working in close coordination with London-centered Eversheds Sutherland and Israel’s largest law firm, Goldfarb Seligman, Asserson acted for investors in the purchase of over one hundred apartment units in the block.

Canada Israel, one of Israel’s premier property developers, acquired the site for refurbishment and change of use from offices to residential apartments in mid-2018. Seeking to capitalise on the burgeoning London real estate market and the rapid gentrification of London suburbs, Canada Israel asked Asserson, with our exhaustive cross-jurisdictional experience and local presence, to act on behalf of buyers in the project. The purchases are structured as a two-stage investment scheme, which, although common in Israel, was previously untrialed in England. We believe the success of the project opens the way to other developers looking to invest in the English market. Together with the attractive rate of the pound, investment in the UK real estate market is more plausible than ever.

Asserson is immensely proud of its involvement in the project thus far. We look forward to phase two as sales of new apartments accelerate and new floors of this exciting project are open for acquisition.


Article Written by Joshua Felberg