Electra to build J’lem national library

Construction and infrastructure company Electra Ltd., controlled by Elco Holdings Ltd. and managed by CEO Itamar Deutscher, has won a tender to build the new national library building in Jerusalem for NIS 375 million. Construction of the building by Electra subsidiary Electra Construction will begin next month and take three years.

The national library will be built on a lot located at the intersection of Kaplan Street and Ruppin Boulevard in Jerusalem opposite the Knesset building and near the Israel Museum. The building will have five floors below ground level and seven floors above it with a total area of 45,000 square meters. Electra’s share price has risen 31% over the past year, pushing the company’s market cap up to NIS 3.3 billion.

Electra reported another big win last week in a tender held by the Government Housing Administration for construction of a government compound in Netanya at a reported cost of NIS 250m. Under the tender terms, Electra will finance, design, and construct the government compound and operate it for NIS 12m. a year, linked to the Consumer Price Index plus VAT. This project, which is also expected to take three years, is according to the build, operate, transfer (BOT) model. After construction is completed, Electra will operate the compound for 22 years on a franchise format. The company will also receive NIS 33m. construction bonus, plus VAT.

(Globes/TNS)