Tzachi Abu's Gefen Group Acquires Majority Stake in Wi-Box Real Estate

Gefen Living and Renewal, controlled by Chairman Tzachi Abu, has signed an agreement to acquire nearly half of the controlling core in the public real estate company Wi-Box Real Estate for approximately NIS 76 million. The deal, pending approval from the Antitrust Commissioner, involves Gefen purchasing about 93 million Wi-Box ordinary shares, representing approximately 49% of the current controlling shareholders' stake. This acquisition translates to about 25.4% of Wi-Box's total issued and paid-up capital. The transaction price is set at NIS 0.812 per share.

Under the agreement, Gefen will also appoint half of Wi-Box's directors. The acquisition is expected to add over 40 projects and thousands of housing units in the Tel Aviv and Gush Dan areas to Gefen's portfolio. Tamir Cohen, former CEO of Shikun & Binui, will join the deal, acquiring 5.4% of Gefen's share and taking a role in Wi-Box's management.

Wi-Box, established in 2014, reported equity of approximately NIS 424 million in the first half of the year and assets totaling around NIS 1.6 billion by the end of 2025. The company manages a backlog of 44 projects with 5,429 housing units, operating in urban renewal, income-generating real estate, and residential properties. Its urban renewal projects alone comprise 4,790 units, with income-generating properties covering 50,000 square meters of office and hotel space.

Abu stated that the deal is a significant step in Gefen's strategy to expand its project pipeline and urban renewal activities, highlighting the synergy between Gefen's resources and Wi-Box's project portfolio. Gefen Living has been active in urban renewal since 2023, following Abu's acquisition of control, and currently has 33 projects with an estimated 15,500 housing units. The company projects NIS 2.5 billion in revenues and NIS 450 million in gross profit from projects set to launch in 2026-2027.