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IDB (TASE: IDBH) real investment arm Azorim Investment, Development & Construction (TASE: AZRM) is negotiating to sell the Country Club grounds at Glilot, on the coast between Tel Aviv and Herzliya.

A month ago Azorim published a tender to sell the land for $39 million at least.

TheMarker has learned that Azorim received several offers well beyond that price. After filtering them, the management entered advanced negotiations with three potential buyers, some of which are foreign investors.

The Country Club plot occupies 27 acres of land by the sea. It is zoned for a project together with the Tel Aviv municipality, including 300 luxury apartments and 40,000 square meters of commercial space.