Tamir Cohen to Receive $1.6 Million for Mediating Ybox Deal

Tamir Cohen, former CEO of Shikun & Binui, is set to receive 5.9 million shekels (approximately $1.6 million) in advisory fees for his role in facilitating the acquisition of a 20% stake in the real estate company YBOX by Gefen Living. The deal, valued at 76 million shekels, will see Gefen Living purchase the shares from YBOX founder Yaakov Gorsad. Cohen will also receive a 10.1 million shekel loan from Gefen Living to finance his own 5.4% stake in YBOX, which he is acquiring alongside businessman Tzachi Abu.

This transaction follows a failed attempt by Tzachi Abu, through his company Ari Real Estate, to acquire control of the commercial centers giant G-City for 661 million shekels. That deal collapsed when Haim Katzman, the seller, felt blindsided by Abu's decision to bring in additional partners, including Kidan Dahari and Yaron Adib, without his full knowledge. Abu stated that Katzman canceled the deal because he realized Abu was serious about taking control and was unwilling to proceed without him leading the acquisition.

Despite a slowdown in the real estate market and high interest rates, Abu is expanding his property holdings, with YBOX being his fourth real estate company. His portfolio includes Ari Real Estate, Abu Real Estate Mivniv (a REIT), and Gefen Living, which focuses on urban renewal. Gefen Living recently secured a 70 million shekel investment from Leumi Partners for a 20% stake, indicating confidence in its development potential.

It was also noted that Yitzhak Tshuva and his son Elad are among the existing shareholders of YBOX.