Ispro Acquires Rhodes Marina for NIS 200 Million

Israeli income-producing real estate company Ispro, controlled by Kidan Dahari and Yaron Adib, has announced the acquisition of a marina on the Greek island of Rhodes. The deal is valued at approximately NIS 200 million (about $53 million). The purchase was executed in partnership with two unnamed partners, with Ispro securing a 50% stake in the project.

The marina spans an area of 260 dunams (64 acres/26 hectares) and currently features 380 yacht berths, with plans to add 240 more. Ispro intends to significantly develop the site, including the construction of villas, hotels, and commercial spaces. The adjacent 118 dunams already feature 3,200 square meters of existing offices, shops, and restaurants, as well as a promenade. Development plans include expanding the commercial zones by 28,000 square meters, erecting three residential buildings with 333 apartments, and building hotels with 467 rooms.

According to an independent Greek appraiser, the current value of the asset exceeds €250 million (approximately NIS 1 billion). Kidan Dahari, Chairman of Ispro, stated that the project holds high potential for appreciation and profitability, emphasizing its prestigious nature and compliance with environmental standards.

Rhodes annually attracts around 3.5 million tourists, one million of whom arrive on cruise ships and yachts. The growing demand for mooring spaces in the Mediterranean promises significant revenue, as the monthly rental for a yacht berth ranges from €3,000 to €5,000.

The deal was finalized with an undisclosed American billionaire and includes adjacent land designated for future expansion. Ispro is also pursuing initiatives to obtain permits for tourist entry via the marina, which could further increase cruise-related revenues.

This acquisition strengthens the company’s position in the international real estate market, complementing its existing portfolio of shopping centers in Israel. Ispro’s bond shares are traded on the Tel Aviv Stock Exchange.