Phoenix Insurance Invests ₪160 Million, Becomes Major Shareholder in Avissaror

The insurance company Phoenix has officially become a significant shareholder in the real estate firm Avissaror, investing approximately 160 million shekels. This investment, made through the purchase of nearly 19.5 million shares at 8.2 shekels per share, grants Phoenix a 6.24% stake in Avissaror's share capital and voting rights. This move signifies a growing trend of insurance companies increasing their holdings in real estate and urban renewal firms.

Phoenix's investment follows that of Menora, another insurance company, which became a significant shareholder in Avissaror in early August, acquiring about 5.4% of the company's shares. Avissaror recently became a public company after raising 525 million shekels from leading insurance and pension funds through an offering on the Tel Aviv Stock Exchange. The company stated this capital infusion will support its growth plans and project pipeline.

Following these developments, Eli Avissaror remains the largest shareholder with 31.86%, while Jackie and Yoram Avissaror hold approximately 20% and 17.5% respectively. The Avissaror family recently commented on the changes, emphasizing their commitment to managing the company professionally, transparently, and with a long-term vision for all stakeholders.

In related news, members of the Avissaror family have purchased several apartments in the company's flagship project in Sde Dov. Eli Avissaror bought a 6-room apartment for 12 million shekels and another for his daughter for 7.01 million shekels. Yoram Avissaror also purchased apartments, including a 6-room unit for 12 million shekels, and Jackie Avissaror bought a 6-room apartment for 12 million shekels. Other family members also acquired apartments averaging 7 million shekels.

The company has also confirmed that there is no suspicion of soil contamination at the construction site, a fact also noted by the Ministry of Environmental Protection.